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Types of Business & Money 2022

Total questions: 20

Worksheet time: 40mins

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.
Which is ONE disadvantage of Sole Proprietorship?
a)
Less direct control
b)
Disagreements
c)
Hard to raise money
6.
What is ONE advantage of a Partnership?
a)
Someone else can help with decisions, etc.
b)
Double taxes
c)
Disagreements
7.
What is ONE disadvantage of a Partnership?
a)
Easier to start
b)
Have to share the profits
c)
Help in making decisions
8.
What is ONE advantage of a Corporation?
a)
Difficult to start
b)
Make all of the decisions
c)
Easy to raise money!
9.
What is ONE disadvantage of a Corporation?
a)
Disagreements
b)
Less direct control
c)
The risk is all on one person
10.
Which business type makes up approximately 75% of all businesses?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
11.
Which business type has the most sales in the USA?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
12.

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

13.

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

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

14.

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

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

15.
This is money that has another useful purpose.
a)
fiat
b)
commodity
c)
debt
d)
securities
16.
Money can be best described as
a)
Medium of transaction
b)
Medium of exchange
c)
Deposit in Banks
d)
Payment through cheque
17.

An agreement in which the lender supplies the borrower with money, goods or services in return for the promise of future payment refers to;

a)

Debt

b)

Deposit

c)

Credit

d)

Collateral

18.

_____________ is money by government decree, has no alternative value

a)

Gold standard

b)

Specie

c)

Barter

d)

Fiat money

19.

__________ is a currency that must be accepted for payment by decree of government

a)

Barter

b)

Fiat

c)

Legal tender

d)

Specie

20.

Which of these can cost you money in large interest payments?

a)

a debit card

b)

a credit card

c)

a checking account

d)

a savings account