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Business Comparisons

Total questions: 38

Worksheet time: 2hrs 54mins

Name
Class
Date
1.
What is a business owned and operated by one person?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
2.
What is a business owned by stockholders/investors but operated by others?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
3.
What is a business owned and operated by two or more people?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
4.
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
5.
What is ONE advantage of a Partnership?
a)
Someone else can help with decisions, etc.
b)
Double taxes
c)
Disagreements
6.
What is ONE advantage of a Corporation?
a)
Difficult to start
b)
Make all of the decisions
c)
Easy to raise money!
7.
Which business type makes up approximately 75% of all businesses?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
8.
This type of business is owned by one person.
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
d)
Franchise
9.
This type of business is owned by two or more people.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
10.
This type of business is owned by many people called stockholders.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
11.
Nike, Google and Apple are examples of.....
a)
Sole Proprietorships
b)
Partnerships
c)
Corporations
d)
Franchises
12.
McDonald's and Burger King are examples of....
a)
Sole Proprietorships
b)
Partnerships
c)
Corporations
d)
Franchises
13.
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
14.
Advantages of this type of business include: selling stock to raise money, limited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
15.
Advantages of this type of business include: easy to start, and you can rely on a good company name and expertise.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
16.

No paperwork (charter or agreement) is required to start which type of business?

a)

Partnership

b)

Franchise

c)

Sole Proprietorship

d)

Corporation

17.

Which type of business allows the owner to keep all of the profit for him/herself?

a)

Partnership

b)

Franchise

c)

Sole Proprietorship

d)

Corporation

18.

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

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

d)

Franchise

19.
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?
a)
Sole Proprietorship
b)
Partnership
c)
Franchise
d)
Corporation
20.

A company wants to computerize its accounting system. It issues stocks to raise additional funds.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

21.

2. Mario and his brother Luigi started a plumbing company together. They split the profits and the expenses.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

22.

3. Mary opened a dance studio. She receives all the profits from her students’ lessons.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

23.

Mr. Lewis pays taxes on dividends for stocks he owns in a manufacturing company. The company also pays taxes on its income before distributing it to stockholders.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

24.

Dan, Tony, and Mac own a pizza parlor. They rotate hours and days off.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

25.

Mr. Wells owns a card shop. Because baseball cards have declined in popularity his business is struggling. He decides he has to sell his house to pay off his business debts.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

26.

Unger and Unger is a law firm consisting of two brothers who started their own business. They both are responsible for all profits and risks that their firm will have.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

27.

Walmart

a)

Profit

b)

Non-profit

28.

The red cross

a)

Non- profit

b)

For Profit

29.

Boys and Girls club of America

a)

For Profit

b)

Non Profit

30.

Star bucks

a)

Non profit

b)

For profit

31.

Google

a)

Non- profit

b)

For Profit

32.

Chick- fil A

a)

For Profit

b)

Non profit

33.

Habitat for Humanity

a)

For profit

b)

Non profit

34.

Apple

a)

Non- profit

b)

For profit

35.

What is is the main motive of non-profit organisation

a)

Profit

b)

Service

c)

Both

d)

None of the above

36.
The Starving Artists Society uses its gallery to sell paintings of local artists.  The funds raised by the Starving Artists Society are used to help local artists continue in their chosen profession.  The Starving Artists Society is classified as a:
a)
Combination product and service
b)
For-profit
c)
Non-profit
d)
Service
37.
What is the main reason people start businesses?
a)
Out of boredom
b)
To pay taxes
c)
Earn a profit
d)
To hire friends
38.

Exists primarily to generate a profit, that is, to take in more money than it spends.

a)

for-profit organization

b)

non-profit organization

c)

public organization

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