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1-20-23 Test (IBT)

Total questions: 26

Worksheet time: 37mins

Name
Class
Date
1.

What business ownership form is often called a co‐op?

a)

Cooperative

b)

Partnership

c)

Corporation

d)

Sole proprietorship

2.

A group of individuals who represent stockholders and make high‐level policy and

management decisions for a corporation are called ____________.

a)

Partners

b)

Entrepreneurs

c)

Board of directors

d)

Members

3.

Define: Sole proprietorship

(a)  

4.
What is a form of business ownership in which 2 or more people jointly owns a business
a)
Sole Proprietorship
b)
Company
c)
Partnerships
5.
What is the name of a person who owns part of a corporation?
a)
Stakeholder
b)
Shareholder
c)
Trust Agent
d)
Chairman
6.
Which of the following is an advantage of a partnership?
a)
Unlimited Liability
b)
Arguments
c)
Shared responsibility
d)
Less investors
7.
Advantages of this business type are that the owner is their own boss and gets to keep all the profits.
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
d)
Franchise
8.

simplest type of business

a)

Sole proprietorship

b)

Non Profit Organization

c)

Limited Liability Company (LLC)

d)

Corporation - C corp

9.
What is a major advantage of a business that is a partnership rather than a sole proprietorship?
a)
The responsibility for the business is shared
b)
The business is easy to set up
c)
The partners are not responsible for business debts
d)
The business is easy to sell
10.
What is a business owned by stockholders/investors but operated by others?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
11.
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
12.
Disadvantages include limited life and
the potential for conflict between partners
a)
Sole Propriotorship
b)
Partnership
c)
Corporation
13.

A _____ is the right or license to sell a company's product or service at a designated location; an example would be McDonalds.

a)

franchise

b)

partnership

c)

sold prprietorship

d)

corporation

14.

A non-profit does not make any money for its shareholders because

a)

All the profit goes to the government

b)

They don't make any money whatsoever and are money losing organizations

c)

All money it receives goes directly to the organization

d)

The shareholders do not own the franchise

15.

_______________is a legal term for being held accountable

a)

Liability

b)

Assets

c)

Bankruptcy

d)

Claim

16.
Which of the following is an advantage of a Franchise? 
a)
a nationwide network that had a respected product, a deep product line, excellent quality standards, nationwide advertising, and professional advice whenever  needed. 
b)
the ease of raising financial capital through stocks, bonds, and loans. 
c)
the ease of management between two or more partners.
d)
the limited liability protection of a person's assets if the company fails. 
17.
A written application to the state seeking permission to from a corporation
a)
Contract of Corporation
b)
Articles of incorporation
c)
Contract of Agreement
18.
Groups that do not pursue profit as a goal..they engage in charitable, educational, humanitarian, cultural or other activities with a social purpose
a)
Co-op
b)
Not for profit
19.

Which of the following is an example of a non-profit organization?

a)

Rocky's Food Mart

b)

America Red Cross

c)

Bruh Scouts of America

d)

Amazon

20.

"I want to own my business and run it the way I want" What business ownership or organization should I begin?

a)

Joint Venture

b)

Partnership

c)

Sole Proprietorship

d)

Franchise

21.

Chick Fil A is a Product Based Business

a)

True

b)

False

22.

What government department collects personal income tax?

a)

Federal Government

b)

IRS

c)

Social Security Division

d)

Congress

23.

Which form is used to report an employees earnings and taxes paid in a year?

a)

W-2

b)

W-4

c)

I-9

d)

1040

24.

Our tax money is spent on all of the following EXCEPT:

a)

Social Security

b)

The Military

c)

Private School Education

d)

National Parks

25.
Starting and owning a person's own business
a)
corporation
b)
entrepreneurship
c)
sole proprietorship
d)
partnership
26.

Entrepreneur is someone who

a)

Organizes, leads, manages, and assumes the risks of a business

b)

Makes mass amounts of money

c)

Is very controlling and close-minded

d)

You would not want to work for

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