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WorksheetsBusiness structures review
Total questions: 10
Worksheet time: 37mins
Name
Class
Date
1.
-Owned by a single owner
-No separation between owner and business
-Unlimited personal liability
-No separation between owner and business
-Unlimited personal liability
a)
Corporation
b)
Limited Liability Company
c)
Partnership
d)
Sole Proprietorship
2.
-Publicly traded company
-Governed by Board of Directors
-CEO, COO, CFO
-Stocks sold to raise capital
-Governed by Board of Directors
-CEO, COO, CFO
-Stocks sold to raise capital
a)
Corporation
b)
Limited Liability Company
c)
Partnership
d)
Cooperative
3.
-One or more owners
-Limited personal liability
-Must be legally dissolved/reformed when ownership changes
-Limited personal liability
-Must be legally dissolved/reformed when ownership changes
a)
Partnership
b)
Limited Partnership
c)
Corporation
d)
Limited Liability Company
4.
-Two or more owners
-Unlimited Personal Liability
-No separation between owners and business
-Unlimited Personal Liability
-No separation between owners and business
a)
Limited Partnership
b)
Corporation
c)
Cooperative
d)
Partnership
5.
-Subject to high start-up and royalty fees
-Must adhere to corporate standards
-Privately owned locations but associated with a larger, more recognizable brand
-Must adhere to corporate standards
-Privately owned locations but associated with a larger, more recognizable brand
a)
Franchise
b)
Limited Partnership
c)
Corporation
d)
Joint Venture
6.
In a Limited Partnership, the limited partner is also known as the:
a)
Financier
b)
Monopolist
c)
Venture Capitalist
d)
Silent Partner
7.
"A company's financial debt or obligations that arise during the course of its operation..."
This definition best describes...
This definition best describes...
a)
Profit
b)
Revenue
c)
Liability
d)
Lateral Alignment
8.
S corporations are different from C corporations due because they are only taxed once.
a)
TRUE
b)
FALSE
9.
A disadvantage of a sole proprietorship is unlimited liability for business debts.
a)
TRUE
b)
FALSE
10.
One advantage of a partnership is that there are more sources of capital available than in a sole proprietorship.
a)
True
b)
False
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