Forms of Business Organizations
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  • Question 1
    20 seconds
    Q.

    It is an artificial being created by the operation of law, having right of succession and the powers, attributes and properties expressly authorized by law or incident to its existence is called_________.

    answer choices

    Cooperative

    Corporation

    Partnership

    Sole Proprietorship

  • Question 2
    10 seconds
    Q.

    One of the forms of business organization owned by a manager is __________ .

    answer choices

    Cooperative

    Corporation

    Partnership

    Sole Proprietorship

  • Question 3
    20 seconds
    Q.

    A concept which states that the transactions of the business must be distinguished and differentiated from the transactions of the owners is called ____.

    answer choices

    Business entity concept

    Business permit concept

    Business tax concept

    Business financial report concept

  • Question 4
    20 seconds
    Q.

    The following are disadvantages of sole proprietorship, EXCEPT

    answer choices

    Limited source of capital

    Business entity's unlimited existence

    Proprietor's unlimited liability

    Creditors can run after the personal assets of the Sole proprietor in case the assets of the business are not enough to cover its existing liabilities.

  • Question 5
    20 seconds
    Q.

    The following are rights of a Corporation, EXCEPT:

    answer choices

    It can acquire property in its own name

    It is required by the Corporation Code that 25% of the subscribed capital must be paid up to the Stockholders.

    It is authorized to issue a certain number of stock

    It can acquire property in the name of the owner

  • Question 6
    5 seconds
    Q.

    A business organization that has not less than five but not more than 15 members is called ____.

    answer choices

    Cooperative

    Corporation

    Partnership

    Sole Proprietorship

  • Question 7
    10 seconds
    Q.

    A document which includes the name, objectives, powers, and registered address of a corporation is called ______.

    answer choices

    Constitution of Corporation

    By-laws of corporation

    Articles of Incorporation

    Articles of Partnership

  • Question 8
    20 seconds
    Q.

    The following are disadvantages of a Partnership, EXCEPT:

    answer choices

    Unlimited liability

    Limited existence

    mutual agency of the partners

    larger sources of funds

  • Question 9
    10 seconds
    Q.

    A form of business organization wherein two or more persons bind themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profits among themselves is called _____.

    answer choices

    Cooperative

    Corporation

    Partnership

    Sole Proprietorship

  • Question 10
    10 seconds
    Q.

    The definition of Partnership as a legal contract is found in_____.

    answer choices

    Title IX, Chapter 1 of the Philippine Civil Code, 1939

    Title IX, Chapter 1 of the Philippine Civil Code, 1949

    Title XI, Chapter 1 of the Philippine Civil Code, 1949

    Title X, Chapter 11 of the Philippine Civil Code, 1959

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