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Business Studies Unit 4 & 5

Total questions: 53

Worksheet time: 27mins

Name
Class
Date
1.
This type of business is owned by one person.
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
d)
Franchise
2.
Advantages of this business type are that the owner is their own boss and gets to keep all the profits.
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
d)
Franchise
3.
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.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
4.
What is a major advantage of a business that is a partnership rather than a sole proprietorship?
a)
The responsibility for the business is shared
b)
The business is easy to set up
c)
The partners are not responsible for business debts
d)
The business is easy to sell
5.

What is a business owned by stockholders/investors but operated by others?

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

6.

What is a business owned and operated by two or more people?

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

7.

What is ONE advantage of a sole proprietorship?

a)

You make ALL the decisions

b)

Easy to raise money

c)

You have to share profits

8.

Which is ONE disadvantage of Sole Proprietorship?

a)

Less direct control

b)

Disagreements

c)

Hard to raise money

9.

What is ONE advantage of a Corporation?

a)

Difficult to start

b)

Make all of the decisions

c)

Easy to raise money!

10.
Disadvantages include limited life and
the potential for conflict between partners
a)
Sole Propriotorship
b)
Partnership
c)
Corporation
11.
Characteristics include owned by two or more people and may be general or limited
a)
Sole Propriotorship
b)
Partnership
c)
Corporation
12.
Advantages include limited liability for owners, unlimited life, and ease of transfer of ownership. 
a)
Sole Propriotorship
b)
Partnership
c)
Corporation
13.
Which of the following is NOT a business organization?
a)
Sole Proprietorship
b)
Corporation
c)
Perfect Competition
d)
Partnership
14.
What is a disadvantage of partnerships?
a)
ease of formation
b)
owners share responsibilities
c)
limited liability
d)
possibility of personality conflict
15.
Sara’s Hair Palace is a small, locally owned beauty salon in Sterling. This represents what type of business?
a)
corporation
b)
partnership
c)
sole proprietorship
16.
Dan has $5,000. He wants to invest his money in the type of business that has the least amount of liability. In which type of business should he invest?
a)
corporation
b)
partnership
c)
proprietorship
17.
A business partnership has ___________ who share the risks and the profits.
a)
One owner
b)
No more than three owners
c)
Two or more owners
d)
Five or more owners
18.
In which of the following would one person be responsible for all of the risks but also receive all of the profits?
a)
Corporation
b)
Propreitership
c)
Partnership
d)
Dual owner business
19.
Which of the following is an advantage of general partnerships:
a)
Limited capital
b)
Unlimited liability
c)
Easy to end
d)
Combined capabilities
20.
A business owner who prefers to maintain complete control of all business activities might consider structuring the venture as a(n)
a)
sole proprietorship
b)
general partnership.
c)
franchise
d)
 corporation.
21.
What is a company called that sells stock to raise money?
a)
Partnership
b)
Corporation
c)
Sole Proprietorship
d)
Limited Partnership
22.
How is a corporation different from a sole proprietorship?
a)
Corporations are owned by only one person
b)
Corporations can sell stock to raise money for the business. 
c)
Sole proprietorships have limited liability for the owners.
d)
Sole proprietorships require a legal charter to start the business.
23.
An entrepreneur can choose to have which type of business organization?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
All of the above
24.
What is a major advantage of a business that is a partnership rather than a sole proprietorship?
a)
The responsibility for the business is shared
b)
The business is easy to set up
c)
The partners are not responsible for business debts
d)
The business is easy to sell
25.
Which of the following is a disadvantage of corporations:
a)
High taxes
b)
Unlimited life
c)
Unlimited liability
d)
financial power
26.
The owners of a corporation are called
a)
Directors
b)
Partners
c)
Shareholders
d)
Founders
27.

Most expensive to start

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

d)

Limited Liability Partnership

28.

A statement of specific target to be achieved. They should be SMART.

a)

Objective

b)

Profit

c)

Revenue

d)

Delegation

29.

M in SMART stands for:

a)

Modest

b)

Meaningful

c)

Money

d)

Measurable

30.

Which of the following answers are business objectives?

a)

Survival

b)

Profit

c)

Specific

d)

Market share

31.

Which of the following is not a business objective?

a)

Corporate social responsibility

b)

Market share

c)

Growth

d)

Realistic

32.

A business with social objectives that reinvests most of its profits back into the business or into benefiting society at large.

a)

Social network

b)

Social enterprise

c)

Corporation

d)

Multinational company

33.

Organizations of like-minded people who put pressure on businesses and government to change their policies to reach a predetermined objective.

a)

Pressure groups

b)

United nations

c)

Peer groups

d)

Social groups

34.

An Individual or group which has interest in business because they are affected by its activities and decisions.

a)

Shareholders

b)

Travellers

c)

Stakeholders

d)

Students

35.

Owners, shareholders, managers and employees are:

a)

Internal stakeholders

b)

External stakeholders

c)

Intruders

d)

Supporters

36.

Lenders, suppliers, customers, government, and local community are:

a)

Business stakeholders

b)

Pressure groups

c)

External stakeholders

d)

Managers

37.

Businesses, people, and environment which a company belongs/operates originally is called:

a)

Local community

b)

Country

c)

Hometown

d)

Union

38.

Accessible, affordable, and open to all are:

a)

Private business objectives

b)

Public limited objectives

c)

Franchise

d)

Public sector objectives

39.
One of the claimed benefits of having clear objectives is that
a)
all customers know what the business is trying to achieve
b)
the managers have a sense of direction when taking decisions
c)
the business will always make a profit
d)
there will be no arguments between managers and workers 
40.
Which one of the following isn't likely to be a common business objective?
a)
To make profit
b)
To provide a service to the community
c)
To pay as much tax as possible
d)
To increase market share
41.
A business might have growth as one of its objectives because
a)
they will be able to benefit from diseconomies of scale
b)
they would be more likely to increase market share
c)
the shareholders always prefer growth to increased profits
d)
all businesses have to grow in order to survive
42.
Most businesses are likely to put survival as their main objective when
a)
the competition is  becoming weaker
b)
the economy is becoming weaker
c)
the government plans to increase grants to firms
d)
consumers are increasing their demand for products
43.
Which one of the following statements about stakeholder groups is accurate?
a)
Stakeholders are people who are not interested in business
b)
Stakeholder groups have direct interest in firms  decisions
c)
Shareholders of a ltd company are not a stakeholder group
44.
Social enterprises are likely to have which combination of objectives?
a)
Maximum returns for owners and increased market share
b)
Community service, profits and protection of the environment
c)
Survival and an increased share price
d)
Increased profits for owners and protection of the community
45.
What is the most likely objective of a newly formed business enterprise?
a)
Survival
b)
Maximum profit
c)
 Rapid growth
d)
Providing a service to the community.
46.

Which of the following is not a business objective?

a)

Corporate social responsibility

b)

Market share

c)

Growth

d)

Employment

47.

What is the first and most important objective of any business organisation?

a)

Profit Maximisation

b)

Growth

c)

Survival

d)

Social Responsibility

48.
What is a business objective?
a)
A statement of what the company has achieved.
b)
A statement of what the company is trying to achieve.
c)
A statement of what the company is currently achieving.
49.

Ryan started his own business a couple of years ago. Although he is doing well, he is still trying to grow his business. This year, there are many newcomers with huge capital entering the industry. He then realized that he needs to change his objective. What his new objective(s) would be?

a)

profit

b)

Increase/maintain market share

c)

survival

d)

growth of the business

50.

If the total value of sales in a market is $100 million in one year and company A sold $20 million, then Company A's market share is?

a)

10%

b)

200%

c)

40%

d)

20%

51.

Why business objectives could change?

a)

they have achieved their previous target/objective

b)

the market is changing

c)

the owner keeps changing his mind

d)

it has been decided by the government

52.

Which of the following is not the internal stakeholder?

a)

managers

b)

owners

c)

banks

d)

workers

53.

Which of the following are the external stakeholders?

a)

suppliers

b)

communities

c)

banks

d)

managers

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