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WorksheetsBusiness Organization
Total questions: 30
Worksheet time: 21mins
Below is the example of revenue reserve except
General reserve
Replacement reserve
Revaluation reserve
Retained earnings
Debentures are recorded as long term liabilities
TRUE
FALSE
The full meaning of NNPC is National Nigerian Petroleum Corporation (NNPC)
True
False
Bureaucracy is the delay brought about by the operations of the public service
True
False
Public service institutions are also known as corporations or parastatals.
True
False
The members farmers cooperative society are benefitted by
Easy credit on reasonable terms
Better quality seeds, fertilisers, machinery and other modern techniques for use in the cultivation of crops.
Obtaining reasonable prices for their output
Eliminating middlemen to achieve economy in operations.
In a cooperative society, the power to take decisions lies in the hands of-
Elected Managing Committee
Members
Partners
Board of Directors
Who are the owners of limited company businesses?
Sole Traders
Partners
Share holders
Ventures
A company has?
Perpetual existence
Limited liability
Separate legal entity
All of the above
Which of the following is not a veritable source of funds to a public limited liability company?
advances and loans from bank
government financial grants
internally generated funds
funds from the sale of shares
Which type of company has a small number of shareholders and shares not publicly traded?
Non-Profit Companies
Government Companies
Public Companies
Private Companies
Which of the following is a characteristic of a Joint Stock Company?
Limited Liability
Unlimited Liability
No separation of ownership from management
Unincorporated Business
What are shares in a company?
Debts owed by the company
Ownership rights in the company
Tax liabilities
Employee benefits
What is a Joint Stock Company?
A business that does not sell shares
A business that operates without any legal distinction
A business owned by a single individual
A type of business that offers shares to the public
It is easier to change ownership in a corporation than in a partnership.
True
False
Which is the simplest form of business organization?
sole proprietorship
partnership
franchise
none of the above
-Two or more owners
-Lower taxes
-Unlimited Liability
Partnership
Sole Proprietorship
Corporation
All of the above
In the absence of Partnership Deed, the interest is allowed on partner’s capital:
@ 5% p.a.
@ 6% p.a
@ 12% p.a.
No interest is allowed
Which one of the following is NOT an essential feature of a partnership?
There must be an agreement
There must be a business
The business must be carried on for profits
The business must be carried on by all the partners
A partnership dissolution does not automatically lead to liquidation.
True
False
A ___________ is a business with two or more owners
corporation
conglomerate
partnership
public corporation.
A_____________partner is an owner who has unlimited liability and is active in managing the firm:
senior partner.
general partner.
silent partner.
limited partner.
A__________ provides for the greatest degree of continuity:
corporation
sole proprietorship
joint venture.
general partnership.
Sophia, Rohan, and Michael are friends with Avery, Henry, and Anika. They all are planning to start a food truck business as a sole proprietorship. However, they are unsure about the potential drawbacks of a sole proprietorship. Can you help them understand the disadvantages of a sole proprietorship in the context of their food truck business?
Limited personal liability, limited access to capital, limited growth potential, continuity
Limited personal liability, limited access to capital, unlimited growth potential, continuity
Limited personal liability, unlimited access to capital, unlimited growth potential, continuity
Unlimited personal liability, limited access to capital, limited growth potential, lack of continuity
Elijah, Liam, and Rohan are friends with Avery, Kai, and Aria. They heard that Avery, Kai, and Aria are planning to start their own businesses as a sole proprietorship. Elijah, Liam, and Rohan are curious about the advantages of a sole proprietorship. Can you help them understand?
Limited liability, complex setup process, and shared decision-making power.
High setup costs, limited control, and shared profits.
Complete control and decision-making power, easy and inexpensive setup, and ability to keep all profits.
Limited liability, high setup costs, and shared decision-making power.
Nora, Lily, and Aiden are discussing their future business plans. Nora says, 'I am planning to start a sole proprietorship where I will own and operate the business.' Lily disagrees and says, 'No, Nora, a sole proprietorship is a type of business entity where the government owns and operates the business.' Aiden, on the other hand, believes that 'A sole proprietorship is a type of business entity where multiple individuals own and operate the business.' And there's also a fourth opinion that 'A sole proprietorship is a type of business entity where the business is owned and operated by a corporation.' Who do you think is correct?
A sole proprietorship is a type of business entity where an individual owns and operates the business.
A sole proprietorship is a type of business entity where the government owns and operates the business.
A sole proprietorship is a type of business entity where multiple individuals own and operate the business.
A sole proprietorship is a type of business entity where the business is owned and operated by a corporation.
Businesses are owned and operated by individuals (a)
Sole Proprietorship is most suitable for
Medium scale concerns
Large scale concerns
Small scale concerns
None of the above
What is a Sole Proprietorship?
Business owned by president
Business owned by several companies
Business owned by one person
Business owned by a company
