Font size
WorksheetsCh 2 REVIEW Understanding Characteristics of Businesses
Total questions: 28
Worksheet time: 3hrs 58mins
A business owned and operated by a single individual
sole proprietorship
partnership
corporation
limited liability company
general partnership
A form of business owned by two or more individuals who share management and profits
limited liability company
corporation
partnership
sole proprietorship
s-corporation
A business owned by stockholders who share in profits and losses
partnership
corporation
sole proprietorship
general partnership
franchise
Type of ownership that joins elements of a corporation and a partnership
partnership
corporation
limited liability company
franchise
sole proprietorship
An organization that generates income for its owners
Non-profit
manufacturer
board of directors
perfect competition
profit business
A company that is created to benefit a public interest; does not earn profits for its owners
Non-profit
marketer
perfect competition
oligopoly
franchise
A business model where the owner of a company grants another business owner the right to use the owner company's name
corporation
partnership
franchise
limited liability company
s-corporation
A group of people elected by stockholders who make decisions for a corporation.
Extractor
Board of Directors
Employees
Profit business
Corporation
A person who owns stock in a corporation
employee
franchise
general partnership
stockholder
customer
Which of the following is an example of a non-profit organization?
Beauty salon
American Red Cross
McDonalds
Amazon
What are types of business models?
(Check all that may apply)
Direct Sales
Indirect Sales
S-Corporation
Retail
What is an advantage of a Corporation?
Unlimited Liability
Full Control
Continued Life
Affordable to start
What is unlimited liability?
It means you do have to pay the debts of the company you own
It means you have no company debts
It means you don't have to pay the debts of the company you own
Which of these is NOT an advantage of Sole Proprietorship?
Easy to form
You decide how profits are spent
You don't need to share your trade secrets or financial details
Unlimited liability if the company fails
What are the two distinct characteristics of a corporation?
They are owned by shareholders
They have a Board of Directors
They are easy to form
They can be dissolved in an owner dies
It is an organization which is formed voluntarily by a group of people to conduct economic activities that are beneficial and respond to the need and aim of it's members.
Market
Cooperatives
Economy
Sufficiency
What is the purpose of a Non-profit business structure?
To gain as much profit as possible
Taxed like a corporation
To not make money
A cause that is something other than making a profit
Advantages:
- cheap to organize
- easy to start and operate
PARTNERSHIP
CORPORATION
SOLE PROPRIETORSHIP
FRANCHISE
Advantages:
- ownership by a group of individuals
- shared responsibility for any profits,
debts and decisions related to the business
PARTNERSHIP
CORPORATION
SOLE PROPRIETORSHIP
FRANCHISE
Advantages:
- ownership divided into shares of stock
- management or decision-making
shared by board of directors
PARTNERSHIP
CORPORATION
SOLE PROPRIETORSHIP
FRANCHISE
Disadvantages:
- more expenses involved
- more rules and regulations to comply with
PARTNERSHIP
CORPORATION
SOLE PROPRIETORSHIP
FRANCHISE
