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WorksheetsBusiness Structures
Total questions: 33
Worksheet time: 35mins
This type of business is considered a separate legal entity in the eyes of the law. It is owned by shareholders.
Cooperative
Corporation
Partnership
Sole Proprietorship
What is a form of business ownership in which 2 or more people jointly own a business
Sole Proprietorship
Corporation
Partnerships
The major policy and financial decision-makers of a corporation are determined by the...
CEO/GM/President
Chairman of the board
Shareholders
Board of Directors
Name the entity that is a separate legal entity from its members, and these members are only liable for the cost of the shares they have purchased
Partnership
Sole Trader
Limited Liability Company
Franchise
A partnership pays
tax
no tax
A corporation has contractual capacity to enter into contracts with anyone including its own members
True
False
A partnership as a business is
not a separate legal entity
a separate entity
similar to a company
Partnerships are popular in family businesses where individuals may enter into them with their spouse and children to minimize their tax
True
False
This type of organization is a legal entity separate from its owners.
Partnership
Sole Proprietorship
Corporation
Franchise
What is the name of a person who owns part of a corporation?
Stakeholder
Shareholder
Trust Agent
Chairman
The owners share the risks and the profits
Sole Proprietorship
Partnership
Corporation
None of the above
Advantage of this business is that owner keeps all the profit and is his own boss
Partnership
Sole proprietorship
Corporation
Franchise
Which of these is a business with only one owner and is easy to form?
Sole Proprietorship
Partnership
Limited Liability Company
Corporation
Sole proprietor's have how much liability?
Double
Single
Unlimited
Triple
Who makes the decisions for a sole proprietorship?
The single owner
The partnership
The board of directors
The owner of the franchise
Who makes the decisions for a partnership?
The single owner
The partnership
The board of directors
The owner of the franchise
Who makes the decisions for an LLC?
The single owner
The partnership
The board of directors
The owner of the franchise
Which business type MUST issue stock
Sole Proprietorship
Franchise
Partnership
Corporation
If I wanted to work short hours and have an easy job, is a sole proprietorship for me?
NO
Yes
-No separation between owner and business
-Unlimited personal liability
-Governed by Board of Directors
-CEO, COO, CFO
-Stocks sold to raise capital
-Limited personal liability
-Must be legally dissolved/reformed when ownership changes
-Unlimited Personal Liability
-No separation between owners and business
Tim is a baker who owns his own business, pays all the bills, and gets to keep all of the profits.
What type of business organization is being described?
Sole Proprietorship
Corporation
Partnership
Entrepreneurship
Margie and Seth decide to open a landscaping business together. These two owners will share the risks and the profits.
What type of business organization is being described?
Sole Proprietorship
Private Corporation
Partnership
Public Corporation
Which type of business is authorized to act as a legal entity, regardless of the number of owners?
Proprietorship
Corporation
Partnership
Entrepreneur
Which scenario best describes an entrepreneur?
Colin has a wood shop and makes tables to sell for money.
Curtis creates a new type of sports drink and wants to make a profit from it.
Walmart has a lot of investors and everyone gets a profit.
Jeremy and Brayden have a jet ski business and share profits.
