Types of Business Organization
3 years ago
smrblake
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24 QuestionsShow answers
  • Question 1
    60 seconds
    Q. A person who takes a risk to produce goods and services in search of profit - 
    answer choices
    entrepreneur
    magistrate
    profiteer
    baliff
  • Question 2
    60 seconds
    Q. What kind of business is BEST described by these statements?
    I am the only owner of my business. 
    I take all the risks of doing business. 
    I keep all the profits. 
    answer choices
    proprietorship
    corporation
    partnership
    cooperative
  • Question 3
    60 seconds
    Q. An entrepreneur - 
    answer choices
    enforces government regulations
    takes the risk to earn profit
    sets the interest rates at banks
    manages financial investments
  • Question 4
    60 seconds
    Q. In a corporation, owners share profit, but liability is limited to - 
    answer choices
    investment
    distribution
    theft
    production
  • Question 5
    60 seconds
    Q. A form of business organization that is authorized to act as a legal entity regardless of the number of owners. 
    answer choices
    corporation 
    proprietorship
    partnership
    distributor
  • Question 6
    60 seconds
    Q. What is a disadvantage of partnerships?
    answer choices
    ease of formation
    owners share responsibilities
    limited liability
    possibility of personality conflict
  • Question 7
    60 seconds
    Q. What is the advantage of corporations?
    answer choices
    minimal government regulation
    limited liability
    short life span
    has one owner
  • Question 8
    60 seconds
    Q. The Dow Jones industrial average swept past 12,000 for the first time. Investors are increasingly optimistic about corporate earnings and the economy. 
    This achievement MOST likely involved which type of business organization?
    answer choices
    proprietorship
    partnership
    corporation
    conglomerate
  • Question 9
    60 seconds
    Q. In which type of organization does one person take all the risks?
    answer choices
    corporation 
    partnership
    monopoly 
    proprietorship
  • Question 10
    60 seconds
    Q. Floral Shops, Bookstores, Farms are examples of what type business
    answer choices
    Sole Proprietorship
    Corporation
    Franchise
    Multinational Corporation
  • Question 11
    60 seconds
    Q. Easy to start, Owner is his/her own boss, Owner keeps all the profits - These are advantages of what type of business
    answer choices
    Franchise
    Corporation
    Parntership
    Sole Proprietorship
  • Question 12
    60 seconds
    Q. Which ownership type has unlimited liability (owner has full responsibility for company's debt and can lose entire investment as well  as personal assets).
    answer choices
    Partnership
    Franchise
    Corporation
    Sole Proprietorship
  • Question 13
    60 seconds
    Q. What type of business consists of two or more people?
    answer choices
    Sole Proprietorship
    Partnership
    Corporation
    Franchise
  • Question 14
    60 seconds
    Q. Which are the disadvantages of a partnership?
    answer choices
    Partnership must be reorganized if one partner quits
    Partners share unlimited liability
    Partners may not get along
    All of these are correct
  • Question 15
    60 seconds
    Q. Law firms, medical practices, and auto body repair shops are examples of what type of ownership
    answer choices
    sole proprietorship
    partnership
    franchise
    corporation
  • Question 16
    60 seconds
    Q. What type of business structure is owned by many people?
    answer choices
    corporation
    partnership
    sole proprietorship
  • Question 17
    60 seconds
    Q. Corporations do NOT continue when stockholders sell stock.
    answer choices
    True
    False
  • Question 18
    60 seconds
    Q. Nike, IBM, and Google are examples of
    answer choices
    partnership
    franchise
    corporation
    partnership
  • Question 19
    60 seconds
    Q. Business owned by one person
    answer choices
    partnership
    franchise
    sole proprietorship
    corporation
  • Question 20
    60 seconds
    Q. Which is NOT a basic type of business ownership?
    answer choices
    proprietorship
    partnership
    corporation
    retail
  • Question 21
    60 seconds
    Q. Who plays an important role in all three business organizations?
    answer choices
    Governors
    Presidents
    Entrepreneurs
    Magistrates
  • Question 22
    60 seconds
    Q. A form of business organization with one owner who takes all the risks and all the profit is called - 
    answer choices
    partnership
    proprietorship
    corporation
    governorship
  • Question 23
    60 seconds
    Q. A form of business organization with two or more owners who share the risks and the profits - 
    answer choices
    proprietorship
    corporation
    wholesale
    partnership
  • Question 24
    60 seconds
    Q. Owned by many people - stockholders, but treated by the law as one person
    answer choices
    Sole Proprietorship
    Franchise
    Partnership
    Corporation
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