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GEE-TEM Midterm Exam

Total questions: 50

Worksheet time: 25mins

Name
Class
Date
1.
This type of business is owned by one person.
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
d)
Franchise
2.
This type of business is owned by two or more people.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
3.
This type of business is owned by many people called stockholders.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
4.
Law firms and doctor's offices are examples of.....
a)
Sole Proprietorships
b)
Partnerships
c)
Corporations
d)
Franchises
5.
Nike, Google and Apple are examples of.....
a)
Sole Proprietorships
b)
Partnerships
c)
Corporations
d)
Franchises
6.
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
7.
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
8.
Advantages of this business include: easier to get money from the bank to start, share skills and share risks.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
9.
Disadvantages of this business type include: needs a partnership agreement, partners might not get along, owners share profits, unlimited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
10.
Advantages of this type of business include: selling stock to raise money, limited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
11.
Disadvantages of this type of business include: company is taxed on profits, regulated by the government, and hard to start.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
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?
a)
Sole Proprietorship
b)
Partnership
c)
Franchise
d)
Corporation
13.

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

a)

A corporation has only one or two owners.

b)

A corporation is usually owned by one person.

c)

A corporation requires a legal charter with the state.

d)

The owners (stockholders) have limited liability.

14.

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

a)

Partnership

b)

Franchise

c)

Sole Proprietorship

d)

Corporation

15.

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

16.

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

17.

Which of the following is NOT a type of business ownership?

a)

partnership

b)

sole proprietorship

c)

entrepreneurship

d)

franchise

18.

Which of the following is a type of business which operates as a separate legal entity?

a)

corporation

b)

franchise

c)

partnership

d)

sole partnership

19.

Which of the following is defined as a business in which partners have an unequal share and liability in the business?

a)

sole partnership

b)

limited partnership

c)

general partnership

d)

franchise partnership

20.

A _______ forms boards to act as governing bodies. It is the most complicated form of business.

a)

franchise

b)

partnership

c)

sole proprietorship

d)

corporation

21.

Which of the following is money borrowed from a business or investment which must be repaid over time with interest?

a)

equity capital

b)

venture capital

c)

debt capital

d)

investment capital

22.

Which of the following is the money raised by a business or investor in exchange for share of ownership of the company?

a)

equity capital

b)

venture capital

c)

debt capital

d)

investment capital

23.

Which of the following is the money or other resources needed to pay for a part or parts of the company?

a)

investment

b)

purchasing cost

c)

grant

d)

finance

24.
A type of business ownership in which one or more of the owners does not have full liability is called a:
a)
General partnership
b)
Limited partnership
c)
Sole proprietorship
d)
Service organization
25.
A characteristic of a sole proprietorship is that the owner:
a)
Has access to unlimited funds
b)
Receives all the profit
c)
Transfers all the risk
d)
Delegates all functions
26.
What do business owners consider when they select a business ownership structure?
a)
Personal circumstances, type of business, and product mix
b)
Product versatility, financial needs, and advertising strategies
c)
Personal circumstances, financial needs, and type of business
d)
Product versatility, advertising strategies, and personal circumstances
27.
To form my business, I used all of my savings and borrowed from the bank, and I'm personally liable for all of the debts. This statement is an example of which of the following forms of business ownership:
a)
Partnership
b)
Sole proprietorship
c)
Corporation
d)
Cooperative
28.
John, Robert, and Charles were college friends who wanted to start a business. John has creative ability, Robert's expertise is selling, and Charles' expertise is management. However, each has limited capital. The ideal business ownership for these young men is a
a)
Merger
b)
Partnership
c)
Franchise
d)
Corporation
29.
If all of the individuals who own a business share unlimited liability for the business's losses, these individuals are part of a(n)
a)
Private Corporation
b)
General partnership
c)
S Corporation
d)
C Corporation
30.
Lois and Lora plan to open a florist shop. Lois is unable to devote full time to the daily operations of the shop but wishes to provide financial support. Which form of business partnership is most likely to appeal to Lois?
a)
Private
b)
Nonprofit
c)
General
d)
Limited
31.
What type of corporation may be owned by just a few people and does not offer its shares for sale to the general public?
a)
Limited
b)
Franchise
c)
C Corporation
d)
Private
32.
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.
a)
S Corporation
b)
C Corporation
c)
Private
d)
Limited
33.
What type of corporation sells millions of shares and must furnish complete information about its earnings, assets, and debts?
a)
C Corporation
b)
S Corporation
c)
Private
d)
Limited
34.
The American Red Cross is an example of a(n) ___________ corporation.
a)
Hybrid
b)
Nonprofit
c)
S Corporation
d)
C Corporation
35.
One of the characteristics of the form of business ownership known as an LLC is that
a)
This kind of business can last indefinitely.
b)
It is required to have at least three owners (members).
c)

The IRS collects taxes based on the LLCs gross income.

d)

The owners' personal property cannot be taken to pay the businesss debts.

36.

Money a borrower is will to put toward a loan; the more the borrower is willing to put toward the investment the more likely the borrower will repay the loan

a)

character

b)

capacity

c)

capital

d)

collateral

e)

conditions

37.

Measures a borrowers ability to repay a loan by comparing income to debt ratio

a)

character

b)

capacity

c)

capital

d)

collateral

e)

conditions

38.

One of the 5 C's of credit that shows interest rate and amount of principal; influenced by the economy

a)

character

b)

capacity

c)

capital

d)

collateral

e)

conditions

39.
One of the 5 C's of credit that refers to property that secures the loan is
a)
capital
b)
collateral
c)
character
d)
capacity
40.

A person's reputation

a)

capital

b)

collateral

c)

character

d)

capacity

41.

Lack of confidence in oneself and one's abilities.

a)

self-doubt

b)

ability to multi-task

c)

failure

d)

competion

42.

A body of accumulated knowledge and experience in any technical field for doing or executing a particular activity.

a)

ABILITY TO MULTITASK

b)

COMPETITION

c)

TECHNICAL KNOW-HOW

d)

FINDING CUSTOMERS

43.

Is borrowed money that you pay back with interest within an agreed time frame.

a)

Equity Finacing

b)

Debt Financing

c)

Capital

d)

Bond

44.

Involves selling a stake in your business in return for a cash investment.

a)

Equity Finacing

b)

Debt Financing

c)

Capital

d)

Bond

45.

Advantages of debt financing EXCEPT:

a)

Allows you to keep control of your business.

b)

Some lenders might put restrictions on how the money can get used.

c)

You can reach a lower interest rate with debt financing.

d)

It is easier to plan your payments with debt financing.

46.

An idea, a physical entity (a good), a service, or any combination of the three that is an element of exchange to satisfy individual or business objectives.

a)

product

b)

goods

c)

services

d)

invention

47.

A physical product with form and substance.

a)

product

b)

goods

c)

services

d)

invention

48.

Non physical products usually involving performance.

a)

product

b)

goods

c)

services

d)

invention

49.

A printed description of the product on the package.

a)

label

b)

package

c)

trademark

d)

logo

50.

The container or wrapper for a product.

a)

label

b)

package

c)

trademark

d)

logo

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