Types of Businesses
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31 QuestionsShow answers
  • Question 1
    30 seconds
    Q. This type of business is owned by one person.
    answer choices
    Partnership
    Sole Proprietorship
    Corporation
    Franchise
  • Question 2
    30 seconds
    Q. This type of business is owned by two or more people.
    answer choices
    Sole Proprietorship
    Partnership
    Corporation
    Franchise
  • Question 3
    30 seconds
    Q. This type of business is owned by many people called stockholders.
    answer choices
    Sole Proprietorship
    Partnership
    Corporation
    Franchise
  • Question 4
    30 seconds
    Q. Nike, Google and Apple are examples of.....
    answer choices
    Sole Proprietorships
    Partnerships
    Corporations
    Franchises
  • Question 5
    30 seconds
    Q. Law firms and doctor's offices are examples of.....
    answer choices
    Sole Proprietorships
    Partnerships
    Corporations
    Franchises
  • Question 6
    30 seconds
    Q. Advantages of this business type are that the owner is their own boss and gets to keep all the profits.
    answer choices
    Partnership
    Sole Proprietorship
    Corporation
    Franchise
  • Question 7
    30 seconds
    Q. Disadvantages 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.
    answer choices
    Sole Proprietorship
    Partnership
    Corporation
    Franchise
  • Question 8
    30 seconds
    Q. Advantages of this business include: easier to get money from the bank to start, share skills and share risks.
    answer choices
    Sole Proprietorship
    Partnership
    Corporation
    Franchise
  • Question 9
    30 seconds
    Q. Disadvantages of this business type include: needs a partnership agreement, partners might not get along, owners share profits, unlimited liability.
    answer choices
    Sole Proprietorship
    Partnership
    Corporation
    Franchise
  • Question 10
    30 seconds
    Q. Advantages of this type of business include: selling stock to raise money, limited liability.
    answer choices
    Sole Proprietorship
    Partnership
    Corporation
    Franchise
  • Question 11
    30 seconds
    Q. Disadvantages of this type of business include: company is taxed on profits, regulated by the government, and hard to start.
    answer choices
    Sole Proprietorship
    Partnership
    Corporation
    Franchise
  • Question 12
    30 seconds
    Q. How is a corporation different from a sole proprietorship?
    answer choices
    Corporations are owned by only one person
    Corporations 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.
  • Question 13
    30 seconds
    Q. When 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?
    answer choices
    Corporation
    Franchise
    Partnership
    Sole proprietorship
  • Question 14
    30 seconds
    Q. A business owned by only one person is called a 
    answer choices
    Corporation
    Sole Proprietorship
    Partnership
    Soley
  • Question 15
    30 seconds
    Q. A business owned and controlled by at least two people who have entered into a written agreement.
    answer choices
    proprietorship
    partnership
    corporation
    conglomerate
  • Question 16
    30 seconds
    Q. Which of the following is an advantage of sole proprietorships:
    answer choices
    Limited liability
    Unlimited financial power
    Dual taxation
    Quick decision making
  • Question 17
    60 seconds
    Q. Which of the following is a disadvantage of sole proprietorships:
    answer choices
    Limited capital
    Control 
    Privacy
    Tax liability
  • Question 18
    60 seconds
    Q. Which of the following is a disadvantage of corporations:
    answer choices
    High taxes
    Unlimited life
    Unlimited liability
    financial power
  • Question 19
    60 seconds
    Q. A business owner who prefers to maintain complete control of all business activities might consider structuring the venture as a(n)
    answer choices
    sole proprietorship
    general partnership.
    franchise
     corporation.
  • Question 20
    30 seconds
    Q. Disadvantages include double taxation and more government regulation
    answer choices
    Sole Propriotorship
    Partnership
    Corporation
  • Question 21
    30 seconds
    Q. This type of business organization can be owned by two or more people who share unlimited liability for business debts
    answer choices
    Sole Propriotorship
    Partnership
    Corporation
  • Question 22
    30 seconds
    Q. The disadvantages of this business organization include unlimited liability, difficulty raising financial capital, difficulty attracting qualified employees, and having a limited life
    answer choices
    Sole Propriotorship
    Partnership
    Corporation
  • Question 23
    30 seconds
    Q. If 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.
    answer choices
    Sole Propriotorship
    Partnership
    Corporation
  • Question 24
    30 seconds
    Q. Advantages include limited liability for owners, unlimited life, and ease of transfer of ownership. 
    answer choices
    Sole Propriotorship
    Partnership
    Corporation
  • Question 25
    30 seconds
    Q. Of the three types of businesses, which one provides the most jobs? (Hint:  Which one is the most common?)
    answer choices
    Corporation
    Partnership
    Sole proprietorship
    None of these are correct
  • Question 26
    30 seconds
    Q. A partnership could have
    answer choices
    60 owners
    1 owner
    a maximum of 2 owners
    none of these are correct
  • Question 27
    30 seconds
    Q. How is a corporation different from a sole proprietorship?
    answer choices
    Corporations are owned by only one person
    Corporations 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.
  • Question 28
    30 seconds
    Q. Guy 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?
    answer choices
    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.
  • Question 29
    30 seconds
    Q. How are sole proprietorships and partnerships alike?
    answer choices
    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.
  • Question 30
    120 seconds
    Q. An entrepreneur can choose to have which type of business organization?
    answer choices
    Sole Proprietorship
    Partnership
    Corporation
    All of the above
  • Question 31
    30 seconds
    Q. Why would a company need to issue stock?  
    answer choices
    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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