WorksheetsUnit 5 Test (Business Organizations)
Total questions: 14
Worksheet time: 7mins
Which of the following is an advantage of sole proprietorship?
There are almost no requirements to start up a sole proprietorship.
The owner keeps all the profits.
The owner makes all the decisions.
All of the above statements are true.
Which of the following is a disadvantage of sole proprietorship?
They're hard to start up
Personal property is protected under bankruptcy
The owner takes all the liability
The owner doesn't get to keep all the profits
Lack of permanence applies to ______ .
corporations
sole proprietorships
nonprofit organizations
multinationals
According to figure 8.1, the type of organization with the most sales in the United States is?
Corporations
Partnerships
Sole Proprietorships
Franchises
a business owned and managed by a single individual
Sole Proprietorship
Partnership
Corporation
Franchise
a business organization owned by two or more persons who agree on specific division of responsibilities and profits
Sole Proprietorship
Partnership
Corporation
Franchise
a legal entity, or being, owned by individual stockholders, each of whom has limited liability for the firms debts
Sole Proprietorship
Partnership
Corporation
Franchise
a semi-independent business that pays fees to a parent company in return for the exclusive right to sell a certain product or service in a given area
Sole Proprietorship
Partnership
Corporation
Franchise
Payments to the parent company from the franchiser
Franchise Fee
Royalties
Payment Agreement
Operations Agreement
a certificate of ownership in a corporation
Stock
Bond
Share
Shania and Nick own a convenience store together. They share equal responsibility and liability for the business, and each person receives 50% of the profits. What kind of business organization is it?
Sole Proprietorship
Partnership
Cooperative
Non-Profit
What is the advantage of opening a franchise?
Control over products
Royalty payments
Franchising fees
Brand Recognition
What is the advantage of opening a partnership?
Full Control over products
Shared Decision Making
Unlimited Liability
Brand Recognition
What is the disadvantage of opening a corporation?
Full Control over products
Double Taxation
Unlimited Liability
Brand Recognition
