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types of goods

Total questions: 49

Worksheet time: 28mins

Name
Class
Date
1.

Doctors choose this type of partnership because it protects them from malpractice suits brought against other partners.

a)

General Partnerships

b)

Limited Partnerships

c)

Limited Liability Partnerships

2.

The only role that George plays

in the partnership is to collect profits or bear losses based on the amount of funds he contributed.

a)

Limited Liability Partnership

b)

General Partnership

c)

Limited Partnership

3.

Stephen and Mike start a consulting service to help businesses manage their trademarks and patents. They are the only partners, sharing equally in the work, profits, and losses.

a)

Limited Partnership

b)

Limited Liability Partnership

c)

General Partnership

4.

Rosa and Serena carefully review expansion plans after new partners provide extra funds. However, they know that they remain fully liable if their decisions are not sound.

a)

Limited Liability Partnership

b)

Limited Partnership

c)

General Partnership

5.

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

6.

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

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

7.

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

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

8.

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

9.

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

10.

An organisation run and operated by 2 or more individuals.

a)

Sole Traders

b)

Partnerships

c)

Corporations

d)

Cooperatives

e)

Franchises

11.

Companies are more expensive and tricky to set up and maintain than proprietorships or partnerships, but they protect the owner(s) by providing them with...

a)

Limited Trust

b)

Limited Hope

c)

Limited Liability

d)

Liability Limited

12.

How many members can Public companies have?

a)

One person

b)

7 people - unlimited number

c)

2 people - 200 people

13.

A shareholder is:

a)

a type of company

b)

a person who owns a portion of a company

c)

a person who has unlimited rights in a company

14.

Private Limited Companies are owned by

a)

Sole Traders

b)

Partners

c)

Shareholders

d)

The Government

15.

Sole Traders have

a)

Unlimited Liability

b)

Limited Liability

16.

Private Limited Companies have

a)

Limited Liability

b)

Unlimited Liability

17.

Sole Traders, Partnerships and Private Limited Companies are in which sector of the Economy?

a)

Private Sector

b)

Public Sector

c)

Third Sector

18.

Which of the following is the least complicated to set up?

a)

Sole Trader

b)

Partnership

c)

Private Limited Company

19.

The shareholders elect a Board of Directors to run a Private Limited Company

a)

True

b)

False

20.

Shareholders recieve a share of the profits a LTD makes called a

a)

Dividend

b)

Bonus

c)

Commission

d)

Cash Prize

21.

Which of the following is a disadvantage of being a public limited company?

a)

The business is at risk of takeover

b)

Unlimited liability

c)

Large sums of money can be raised

d)

Limited liability

22.

What are the owners of private and public limited companies called?

a)

Stakeholders

b)

Board of directors

c)

Managers

d)

Shareholders

23.

Private and Public Limited companies both have

a)

Unlimited liability

b)

Limited liability

24.

Which of the following is an advantage of a private limited comapany

a)

You can sell shares openly to anybody around the world

b)

You can choose your own shareholders that are suitable for the business

c)

You can gain more sales as the business is well known

d)

They have unlimited liability

25.

Why does a company issue shares?

a)

To raise money that can be invested in the business

b)

To get more owners

c)

To make more profit

d)

To allow the business to be sold off

26.

What is one advantage of a public limited company?

a)

Unlimited liability

b)

They can buy an unlimited amount of vehicles.

c)

They can tell private limited companies what to do.

d)

Shares are easily transferable.

27.

Who are the owners of limited company businesses?

a)

Sole Traders

b)

Partners

c)

Share holders

d)

Ventures

28.

A company has?

a)

Perpetual existence

b)

Limited liability

c)

Separate legal entity

d)

All of the above

29.

______ means that the risk or liability that each shareholder bears is limited to the value of the shares they hold.

a)

Debenture

b)

Ordinary share

c)

Preference share

d)

Limited liability

30.

Entrepreneurs are...

a)

people with all their efforts and abilities

b)

individuals who start a new business or bring a product to market.

c)

The "gifts of nature" or natural resources not created by human effort.

d)

the tools, equipment, and factories used in production of goods and services

31.

Bill Gates is an example of...

a)

Natural Resources

b)

Labor

c)

Entrepreneur

d)

Capital

32.
All of the things necessary for production are known as:
a)
Production
b)
Entrepreneurship
c)
Outputs
d)
Resources
33.
The human effort involved in the production of goods and services is known as:
a)
Capital
b)
Entrepreneurship
c)
Labor
d)
Land
34.
Iron, minerals, coal and plants are examples of which productive resource?
a)
land
b)
labor
c)
entrepreneurship
d)
capital
35.
Which factor of production would you consider a cow?
a)
Land
b)
Labor
c)
Capital
d)
Entrepreneur
36.

Which factor of production does this picture represent?

a)

Land

b)

Labor

c)

Capital

d)

Entrepreneurship

37.

Which factor of production does this picture represent?

a)

Land

b)

Labor

c)

Capital

d)

Entrepreneurship

38.

Which factor of production does this picture represent?

a)

Land

b)

Labor

c)

Capital

d)

Entrepreneurship

39.

Which factor of production does this picture represent?

a)

Land

b)

Labor

c)

Capital

d)

Entrepreneurship

40.

Which factor of production does this picture represent?

a)

Land

b)

Labor

c)

Capital

d)

Entrepreneurship

41.
The term "factors of production" means:
a)
things or skills needed to produce goods or services
b)
how we spend our money
c)
the resources of the government
d)
how society creates jobs
42.
The term, "capital goods" means:
a)
Goods not created for their own use, but to make other goods/services.
b)
Work the people do to produce goods and services.
c)
Person who organizes the factors of production to produce goods/services; business owners.
d)
The natural resources used to produce goods or services.
43.
The term, "entrepreneurship" means:
a)
Person who organizes the factors of production to produce goods/services; business owners.
b)
Goods not created for their own use, but to make other goods/services.
c)
Work the people do to produce goods and services.
d)
The natural resources used to produce goods or services.
44.
The term, "land" means:
a)
The natural resources used to produce goods or services.
b)
Work the people do to produce goods and services.
c)
Goods not created for their own use, but to make other goods/services.
d)
Person who organizes the factors of production to produce goods/services; business owners.
45.
The term, "labor" means:
a)
Work the people do to produce goods and services.
b)
The natural resources used to produce goods or services.
c)
Person who organizes the factors of production to produce goods/services; business owners.
d)
Goods not created for their own use, but to make other goods/services.
46.
Land, labor, capital, and entrepreneurship
a)
Economy
b)
Infrastructure
c)
Factors of production
d)
Capital
47.
Everything contained in the earth or found in the sea ex: coal and crude oil
a)
 Land
b)
Labor
c)
Resources
d)
Infrastructure
48.
The goods used in the production process such as factories, machinery and equipment
a)
Land
b)
Labor
c)
Resources
d)
Capital
49.
Difference between wants and needs and available resources
a)
Economy
b)
Factors of Production
c)
Resources 
d)
Scarcity 

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