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- 1. Multiple ChoiceThis type of business is owned by one person.PartnershipSole ProprietorshipCorporationFranchise
- 2. Multiple ChoiceThis type of business is owned by two or more people.Sole ProprietorshipPartnershipCorporationFranchise
- 3. Multiple ChoiceThis type of business is owned by many people called stockholders.Sole ProprietorshipPartnershipCorporationFranchise
- 4. Multiple ChoiceNike, Google and Apple are examples of.....Sole ProprietorshipsPartnershipsCorporationsFranchises
- 5. Multiple ChoiceLaw firms and doctor's offices are examples of.....Sole ProprietorshipsPartnershipsCorporationsFranchises
- 6. Multiple ChoiceAdvantages of this business type are that the owner is their own boss and gets to keep all the profits.PartnershipSole ProprietorshipCorporationFranchise
- 7. Multiple ChoiceDisadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.Sole ProprietorshipPartnershipCorporationFranchise
- 8. Multiple ChoiceAdvantages of this business include: easier to get money from the bank to start, share skills and share risks.Sole ProprietorshipPartnershipCorporationFranchise
- 9. Multiple ChoiceDisadvantages of this business type include: needs a partnership agreement, partners might not get along, owners share profits, unlimited liability.Sole ProprietorshipPartnershipCorporationFranchise
- 10. Multiple ChoiceAdvantages of this type of business include: selling stock to raise money, limited liability.Sole ProprietorshipPartnershipCorporationFranchise
- 11. Multiple ChoiceDisadvantages of this type of business include: company is taxed on profits, regulated by the government, and hard to start.Sole ProprietorshipPartnershipCorporationFranchise
- 12. Multiple Choice
How is a corporation different from a sole proprietorship?Corporations are owned by only one personCorporations can sell stock to raise money for the business.Sole proprietorships have limited liability for the owners.Sole proprietorships require a legal charter to start the business. - 13. Multiple ChoiceWhen comparing the four main types of business organization, which type protects owners the MOST from personal financial liability due to being sued by a customer?CorporationFranchisePartnershipSole proprietorship
- 14. Multiple ChoiceA business owned by only one person is called aCorporationSole ProprietorshipPartnershipSoley
- 15. Multiple ChoiceA business owned and controlled by at least two people who have entered into a written agreement.proprietorshippartnershipcorporationconglomerate
- 16. Multiple ChoiceWhich of the following is an advantage of sole proprietorships:Limited liabilityUnlimited financial powerDual taxationQuick decision making
- 17. Multiple ChoiceWhich of the following is a disadvantage of sole proprietorships:Limited capitalControlPrivacyTax liability
- 18. Multiple ChoiceWhich of the following is a disadvantage of corporations:High taxesUnlimited lifeUnlimited liabilityfinancial power
- 19. Multiple ChoiceA business owner who prefers to maintain complete control of all business activities might consider structuring the venture as a(n)sole proprietorshipgeneral partnership.franchisecorporation.
- 20. Multiple ChoiceDisadvantages include double taxation and more government regulationSole PropriotorshipPartnershipCorporation
- 21. Multiple ChoiceThis type of business organization can be owned by two or more people who share unlimited liability for business debtsSole PropriotorshipPartnershipCorporation
- 22. Multiple ChoiceThe disadvantages of this business organization include unlimited liability, difficulty raising financial capital, difficulty attracting qualified employees, and having a limited lifeSole PropriotorshipPartnershipCorporation
- 23. Multiple ChoiceIf you want to form this type of business organization, you will have to get permission from a state or national government. This can be costly and require a lawyer.Sole PropriotorshipPartnershipCorporation
- 24. Multiple ChoiceAdvantages include limited liability for owners, unlimited life, and ease of transfer of ownership.Sole PropriotorshipPartnershipCorporation
- 25. Multiple ChoiceOf the three types of businesses, which one provides the most jobs? (Hint: Which one is the most common?)CorporationPartnershipSole proprietorshipNone of these are correct
- 26. Multiple ChoiceA partnership could have60 owners1 ownera maximum of 2 ownersnone of these are correct
- 27. Multiple ChoiceHow is a corporation different from a sole proprietorship?Corporations are owned by only one personCorporations can sell stock to raise money for the business.Sole proprietorships have limited liability for the owners.Sole proprietorships require a legal charter to start the business.
- 28. Multiple ChoiceGuy and his brothers want to start a plumbing business together. What is an advantage of organizing the business as a partnership rather than a corporation?Partnerships can be started up quickly.Partnerships can issue stock to raise money.Partnerships have limited legal liability.Partnerships need a legal charter to begin.
- 29. Multiple ChoiceHow are sole proprietorships and partnerships alike?Contracts are needed to start the businesses.Owners have complete control of the business.Owners have limited legal liability.The businesses are owned by one person.
- 30. Multiple ChoiceAn entrepreneur can choose to have which type of business organization?Sole ProprietorshipPartnershipCorporationAll of the above
- 31. Multiple ChoiceWhy would a company need to issue stock?To increase its' customer base.To raise money.To stop the government from regulating it.To show customers that it's successful.
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