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WorksheetsCooperatives and Companies
Total questions: 16
Worksheet time: 8mins
What is a Cooperative?
A person, partnership, or corporation engaged in commerce, manufacturing, or a service; profit seeking enterprise or concern.
A form of business organization that is owned and run jointly by its members, who share the profits or benefits.
A form of business organization in which the owners have shares in a separate legal entity that itself can own assets and borrow money.
A form of business organization similar to a partnership but offering its owners the advantage of limited financial liability.
A_____ is a legal business entity created under state law that is owned and operated for purpose of benefiting its members who use its services.
company
cooperative
sole proprietorship
partnership
What does cooperation mean?
having the same historical experiences
sharing the same culture
speaking the same language
working together to achieve goals
Which is not a feature of a cooperative?
Open membership
Democratic Control
Unlimited interest on shares
Distribution of profits
Member-owners of marketing cooperatives do what?
Members work together to provide Financial Services.
Work together to market and sell products they produce.
Members work together to get lower prices.
Work together to access affordable utilities.
What type of cooperatives are owned by the people who work for the company?
Worker cooperatives
Producer cooperatives
Consumer cooperatives
Purchasing cooperatives
Private Limited Companies are owned by
Sole Traders
Partners
Shareholders
The Government
Private Limited Companies have
Limited Liability
Unlimited Liability
Private Limited Companies have to make Financial Information Public
True
False
Which 2 of these types of organisations must share their profits?
Sole Trader
Private Limited Company
Partnership
All of the above
Shareholders receive a share of the profits in companies and is called a ___________.
Dividend
Bonus
Commission
Cash Prize
What is the simple difference between a public and private limited company?
A public limited company is public and a private limited company is private.
There are no differences.
The public limited company can quote shares in a stock exchange and sell to the general public, while a private limited company cannot.
One does not deal with shares while the other does.
What is are some characteristics of a public limited company?
A name, unlimited liabilities, continuity
A name, limited liabilities, continuity
A single person, shares, advertisements
A name, liabilities, shares
What are some documents required for the formation of a public limited company?
Article and memorandum of association.
A car.
An already established business.
A private jet.
Which of following is a disadvantage of a public limited company?
Unlimited liability
Large sums of money can be raised
The business is at risk of takeover
Limited liability
Limited Liability means...
shareholders are only responsible for the amount they agreed to invest in the company
shareholders are personally responsible for the debts of a company
liability is limited to 50 shareholders with the most investment in the company.
Are responsible for the money they invest and their personal assets
