Wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Types of Business Ownership

Total questions: 25

Worksheet time: 56mins

Name
Class
Date
1.
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
2.
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
3.
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
4.
The Scott Company decided to sell stock to raise capital. Under what form of business organization does the company operate?
a)
Corporation
b)
Cooperative
c)
Partnership
d)
Sole proprietorship
5.

If you buy a franchise, you are a(n)

a)

franchisor

b)

franchise

c)

agent

d)

franchisee

6.

Which of these are owned by shareholders?

a)

corporation

b)

sole proprietorship

c)

partnership

7.

When one company buys its competitor, it is called a

a)

partnership

b)

corporation

c)

infringement

d)

merger

8.

A business that is owned by two or more people who share the risk of loss and the chance for profit is known as a:

a)

partnership.

b)

sole proprietorship.

c)

franchise.

d)

corporation.

9.

Name the business type.

Susan starts a jewelry-making business she calls "Susan's Treasures."

a)

sole proprietorship

b)

corporation

c)

partnership

10.

Name the business type.

Nike Inc.

a)

sole proprietorship

b)

corporation

c)

partnership

11.

Name the business type.

Ben and Jerry decided to go into the ice cream business together.

a)

corporation

b)

sole proprietorship

c)

partnership

12.

Name the business type.

REI has thousand of stock owners who share ownership of the business.

a)

partnership

b)

corporation

c)

sole proprietorship

13.

Name the business type.

"Helping Hands Childcare" is a local business owned by Nancy Williams.

a)

partnership

b)

corporation

c)

sole proprietorship

14.

Name the business type.

John tutors Chemistry to local high school students.

a)

sole proprietorship

b)

corporation

c)

partnership

15.

Name the business type.

Microsoft has two owners (Bill Gates and Paul Allen)

a)

partnership

b)

corporation

c)

sole proprietorship

16.

Name the business type.

Timothy owns a 711 in Richmond, VA. He is a part-owner of the franchise.

a)

sole proprietorship

b)

corporation

c)

partnership

17.

Allen and Allen Law Firm

a)

corporation

b)

partnership

c)

corporation

18.

Lucy has her own business selling boutique clothing in New York.

a)

sole proprietorship

b)

corporation

c)

partnership

19.
What is the most common form of business ownership?
a)
Corporation
b)
Company
c)
Sole Proprietorship
d)
LLC
20.
Owned by one individual.
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
None of the above
21.
Owned by two or more individuals.
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
None of the above
22.
Owners share the risks and the profits.
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
None of the above
23.

An individual who starts a business

a)

corporation

b)

Franchisee

c)

entrepreneur

24.

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

25.

Sara’s Hair Palace is a small, locally owned beauty salon in Sterling. This represents what type of business?

a)

Company

b)

Partnership

c)

Sole proprietorship