Business Organizations (Economics)
2 years ago
2pachologram
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20 QuestionsShow answers
  • Question 1
    30 seconds
    Q. Sara’s Hair Palace is a small, locally owned beauty salon in Sterling. This represents what type of business?
    answer choices
    corporation
    partnership
    sole proprietorship
  • Question 2
    30 seconds
    Q. Susie is starting her own lemonade store. What economic term would best describe Susie and what does that term mean? 
    answer choices
    Consumer – a person who uses or consumes goods
     Partnership –  partner in the lemonade stand
    Entrepreneur-  - person who takes a risk to start a new company
  • Question 3
    30 seconds
    Q. Dan has $5,000. He wants to invest his money in the type of business that has the least amount of liability. In which type of business should he invest?
    answer choices
    corporation
    partnership
    proprietorship
  • Question 4
    30 seconds
    Q. A business partnership has ___________ who share the risks and the profits.
    answer choices
    One owner
    No more than three owners
    Two or more owners
    Five or more owners
  • Question 5
    30 seconds
    Q. In which of the following would one person be responsible for all of the risks but also receive all of the profits?
    answer choices
    Corporation
    Propreitership
    Partnership
    Dual owner business
  • Question 6
    30 seconds
    Q. What do we call a person who is willing to take the risks of starting a business in order to make a profit?
    answer choices
    Proprieter
    Partner
    Entrepreneur
    Incorporater
  • Question 7
    30 seconds
    Q. Decreased government spending may result in _____ taxes. 
    answer choices
    higher
    more
    lower
  • Question 8
    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 9
    30 seconds
    Q. Which of the following is a disadvantage of sole proprietorships:
    answer choices
    Limited capital
    Control 
    Privacy
    Tax liability
  • Question 10
    30 seconds
    Q. Which of the following is an advantage of general partnerships:
    answer choices
    Limited capital
    Unlimited liability
    Easy to end
    Combined capabilities
  • Question 11
    30 seconds
    Q. Which of the following is an advantage of the corporation as a form of business ownership:
    answer choices
    Less complex requirements
    Separate owners and managers
    Limited liability
    High Taxes
  • Question 12
    30 seconds
    Q. Two local business owners want to reduce competition, so they decide to form one organization from the two companies. This is an example of a
    answer choices
    monopoly.
    hostile takeover.
    merger.
    trading bloc.
  • Question 13
    30 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 14
    30 seconds
    Q. What is a company called that sells stock to raise money?
    answer choices
    Partnership
    Corporation
    Sole Proprietorship
    Limited Partnership
  • Question 15
    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 16
    30 seconds
    Q. Which business type makes up approximately 75% of all businesses?
    answer choices
    Sole Proprietorship
    Partnership
    Corporation
  • Question 17
    30 seconds
    Q. Which business type has the most sales in the USA?
    answer choices
    Sole Proprietorship
    Partnership
    Corporation
  • Question 18
    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 19
    30 seconds
    Q. An entrepreneur can choose to have which type of business organization?
    answer choices
    Sole Proprietorship
    Partnership
    Corporation
    All of the above
  • Question 20
    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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