Free Printable Chapter 7 Select a type of ownership

Worksheets

Chapter 7 Select a type of ownership

Total questions: 20

Worksheet time: 15mins

Name

Class

Date

This type of business is owned by one person.

Partnership

Sole Proprietorship

Corporation

Franchise

This type of business is owned by many people called stockholders.

Sole Proprietorship

Partnership

Corporation

Franchise

This type of business is a contractual agreement with a parent company to sell its products/services in an area.

Sole Proprietorship

Partnership

Corporation

Franchise

Nike, Google and Apple are examples of.....

Sole Proprietorships

Partnerships

Corporations

Franchises

McDonald's and Burger King are examples of....

Sole Proprietorships

Partnerships

Corporations

Franchises

Advantages of this business type are that the owner is their own boss and gets to keep all the profits.

Partnership

Sole Proprietorship

Corporation

Franchise

Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.

Sole Proprietorship

Partnership

Corporation

Franchise

Advantages of this business include: easier to get money from the bank to start, share skills and share risks.

Sole Proprietorship

Partnership

Corporation

Franchise

Advantages of this type of business include: selling stock to raise money, limited liability.

Sole Proprietorship

Partnership

Corporation

Franchise

10.

How is a corporation different from a sole proprietorship or partnership?

A corporation has only one or two owners.

A corporation is usually owned by one person.

A corporation requires a legal charter with the state.

The owners (stockholders) have limited liability.

11.

Which business depends on just one person for the skills and talents to run the business?

Sole Proprietorship

Partnership

Corporation

Franchise

12.

When comparing the four main types of business organizations, which protects owners the MOST from personal financial liability due to being sued by a customer?

Sole Proprietorship

Partnership

Franchise

Corporation

13.

A type of state-chartered corporation that was developed to help small businesses by taxing them as individuals in a partnership is a(n) __________ corporation.

S Corporation

C Corporation

Private

Limited

14.

What type of corporation sells millions of shares and must furnish complete information about its earnings, assets, and debts?

C Corporation

S Corporation

Private

Limited

15.

The American Red Cross is an example of a(n) ___________ corporation.

Hybrid

Nonprofit

S Corporation

C Corporation

16.

One of the characteristics of the form of business ownership known as an LLC is that

This kind of business can last indefinitely.

It is required to have at least three owners (members).

The IRS collects taxes based on the LLC�s gross income.

The owners' personal property cannot be taken to pay the business�s debts.

17.

Which of the following is NOT a reason why businesses are often sold?

partner disputes

excellent profits

career change

death

18.

Weekly or monthly payments made by the owner of the franchise to the seller of the franchise.

royalty fees

franchise fee

initial franchise fee

licensing fee

19.

A person or company that offers a franchise to others

business broker

franchisee

evaluator

franchisor

20.

A unit of ownership in a corporation is a

dividend share

partnership share

share of stock

share of franchise

Reset

Chapter 7 Select a type of ownership

Total questions: 20

Worksheet time: 15mins

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