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WorksheetsBusiness Organizations Grade 11
Total questions: 60
Worksheet time: 32mins
To start a partnership business, what should be the minimum number of partners?
2
10
4
20
Unlimited liability means
the business is closed down because of too much debt
the owners' personal possessions can be used to cover the firm's debts
the bank will refuse to give loans to the business
the business will struggle to attract investors
Seema and Beena partnered together to provide food and clothing to the needy by collecting it from the neighbourhood. Can this be called a partnership firm
Yes
No
Maybe
None of the above
Are Soleproprietor large or small businesses?
Large
Small
A_____________partner is an owner who has unlimited liability and is active in managing the firm:
senior partner.
general partner.
silent partner.
limited partner.
Choose business typical for LLP
doctors and lawyers
accounting and insurance
doctors and teachers
tailors and designers
In limited partnership should be at least 2 general partners and 2 limited partners.
yes
no
If I am ready to invest, but I don't want to be involved in day-by-day operations or to have liability, I should choose ____ partnership
general
limited
LLP
Soleproprietorship has
Limited funds
Limited liability
Soleproprietorship has
Unlimited liability
Unlimited life
Soleproprietorship has
Specialization
Freedom in decision making
In most of the cases, soleproprietors start business using money received from
family and friends
bank loans
selling stocks
If soleproprietor dies his business will be closed.
yes
no
If I am a limited partner I receive part of the profit and share responsibility with other partners.
yes
no
One of the main obstacle in existence of partnership is high level of disagreements among partners.
yes
no
LLP allows to raise money for renting a good place for clinic and purchasing expensive equipment, and in the same time keeps each doctor to be 100% secured from mistakes of his/her colleagues.
yes
no
Being a general partner, you can invest money and stay away from day-by-day activity.
yes
no
Franchiser owns the brand
True
False
Franchisee does not have the right to use the brand
True
False
Franchisor and Franchisee are the same company
True
False
Which of the following is not an advantage of the franchisee
Can use an international brand
Start up is fast
Receives advice and training
Can enter new markets
Which of the following is the disadvantage of the franchisor?
May loose local variety and choice
Regular payments to franchisor
looses Independence in running the business
if badly run, the brand will suffer
Walmart
Profit
Non-profit
The red cross
Non- profit
For Profit
Star bucks
Non profit
For profit
Non- profit
For Profit
Apple
Non- profit
For profit
What is a Cooperative?
A person, partnership, or corporation engaged in commerce, manufacturing, or a service; profit seeking enterprise or concern.
A form of business organization that is owned and run jointly by its members, who share the profits or benefits.
A form of business organization in which the owners have shares in a separate legal entity that itself can own assets and borrow money.
A form of business organization similar to a partnership but offering its owners the advantage of limited financial liability.
A_____ is a legal business entity created under state law that is owned and operated for purpose of benefiting its members who use its services.
company
cooperative
sole proprietorship
partnership
What does cooperation mean?
having the same historical experiences
sharing the same culture
speaking the same language
working together to achieve goals
Limited Liability means...
shareholders are only responsible for the amount they agreed to invest in the company
shareholders are personally responsible for the debts of a company
liability is limited to 50 shareholders with the most investment in the company.
Are responsible for the money they invest and their personal assets
Credit union is a form of _____ cooperative
consumer
producer
service
Farmers join to pay less for transportation of corn to the market. They form ____ cooperative.
consumer
producer
service
We joined to benefit from cheaper delivery and discount provided for a big purchase. We formed a _____ cooperative.
consumer
producer
service
Choose all non-profit organizations.
Red Cross
Dentist Association
Corporation
Bank
Fund for rebuilding public parks
Share holders benefit by
receiving dividents
selling stocks at higher price
receiving fixed interest rate
pay 0% income tax due to double taxation
What are the benefits of franchise?
well known product
professional training
reputable brand
risk free business
The same person owns automobile factory, biscuit factory, and an online platform
vertical
horizontal
conglomerate
To own chain of gas stations
vertical
horizontal
conglomerate
To own mine, rail road line, steel mill, and nail/screw making factory
vertical
horizontal
conglomerate
McDonalds and KFC are
franchises
co-ops
non-profit
associations
Solepropritorship is characterized by
limited life
limited liability
complete freedom over decision making
keeping all profit
LLP can be established by
doctors
lawyers
designers
accountants
What is/are the main disadvantage of partnership?
unlimited responsibility
conflicts
specialization
problems to get funds
This business requires a membership
cooperatives
non-profit
corporation
If I need money, but I want to keep full control over my business I should choose
general partnership
LLP
limited partnership
Corporation that sells stocks to everyone
private
public
It helps corporation to borrow money
stock
bond
Who is responsible for day-by-day operations in corporation?
president
board of directors
investors
If corporation bankrupts investors lose only money they have invested.
yes
no
Members of producer cooperative benefit by sharing costs.
yes
no
Members of consumer cooperative benefit by getting discounts for large orders.
yes
no
Corporation has limited life.
yes
no
Corporation has few regulations
yes
no
