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WorksheetsTypes of Business Organizations
Total questions: 15
Worksheet time: 8mins
One advantages of a ___ is limited liability for owners.
Sole Propriotorship
Partnership
Corporation
All are correct
What is ONE advantage of a sole proprietorship?
You make ALL the decisions
Easy to raise money
You have to share profits
Shareholders own the business
Which is ONE disadvantage of Sole Proprietorship?
Less direct control
Disagreements
Hard to raise money
Shareholders have too much influence
Owned by two or more people and may be general or limited.
Sole Propriotorship
Partnership
Corporation
All are correct
One disadvantage of ____ is the potential for conflict among partners.
Sole Propriotorship
Partnership
Corporation
All are correct
This type of business is owned by one person.
Partnership
Sole Proprietorship
Corporation
Franchise
The owner is their own boss and gets to keep all the profits.
Partnership
Sole Proprietorship
Corporation
Franchise
1)owner pays for everything 2)Difficult to get money to start 3)owner might lack skills 4)unlimited liability.
Sole Proprietorship
Partnership
Corporation
Franchise
What is a major advantage of a business that is a partnership rather than a sole proprietorship?
The responsibility for the business is shared
The business is easy to set up
The partners are not responsible for business debts
The business is easy to sell
Sammy's School Supplies is a small, locally owned store. This most likely represents what type of business?
corporation
Both are correct
sole proprietorship
What is a disadvantage of partnerships?
ease of formation
owners share responsibilities
limited liability
possibility of personality conflict
What is ONE advantage of a Corporation?
Difficult to start
Make all of the decisions
Easy to raise money!
There are no shareholders to influence decisions
What is a business owned by stockholders/shareholders but operated by others?
Sole Proprietorship
Partnership
Corporation
All are correct
What is a business owned and operated by two or more people, w/ no shareholders?
Sole Proprietorship
Partnership
Corporation
All are correct
Which of the following is NOT a business organization?
Sole Proprietorship
Corporation
Perfect Competition
Partnership
