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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 ChoiceThis type of business is a contractual agreement with a parent company to sell its products/services in an area.Sole ProprietorshipPartnershipCorporationFranchise
- 5. Multiple ChoiceLaw firms and doctor's offices are examples of.....Sole ProprietorshipsPartnershipsCorporationsFranchises
- 6. Multiple ChoiceNike, Google and Apple are examples of.....Sole ProprietorshipsPartnershipsCorporationsFranchises
- 7. Multiple ChoiceMcDonald's and Burger King are examples of....Sole ProprietorshipsPartnershipsCorporationsFranchises
- 8. Multiple ChoiceAdvantages of this business type are that the owner is their own boss and gets to keep all the profits.PartnershipSole ProprietorshipCorporationFranchise
- 9. 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
- 10. Multiple ChoiceAdvantages of this business include: easier to get money from the bank to start, share skills and share risks.Sole ProprietorshipPartnershipCorporationFranchise
- 11. Multiple ChoiceDisadvantages of this business type include: needs a partnership agreement, partners might not get along, owners share profits, unlimited liability.Sole ProprietorshipPartnershipCorporationFranchise
- 12. Multiple ChoiceAdvantages of this type of business include: selling stock to raise money, limited liability.Sole ProprietorshipPartnershipCorporationFranchise
- 13. Multiple ChoiceDisadvantages of this type of business include: company is taxed on profits, regulated by the government, and hard to start.Sole ProprietorshipPartnershipCorporationFranchise
- 14. Multiple ChoiceAdvantages of this type of business include: easy to start, and you can rely on a good company name and expertise.Sole ProprietorshipPartnershipCorporationFranchise
- 15. Multiple Choice
Disadvantages of this type of business include: parent company is strict, you are limited in what you sell, and you must operate like every other franchise.
Sole Proprietorship
Partnership
Corporation
Franchise
- 16. Multiple Choice
How is a corporation different from a sole proprietorship or partnership?
A corporation has only one or two owners.
A corporation is usually owned by one person.
A corporation requires a legal charter with the state.
The owners (stockholders) have limited liability.
- 17. Multiple Choice
No paperwork (charter or agreement) is required to start which type of business?
Partnership
Franchise
Sole Proprietorship
Corporation
- 18. Multiple Choice
Which type of business allows the owner to keep all of the profit for him/herself?
Partnership
Franchise
Sole Proprietorship
Corporation
- 19. Multiple Choice
Which business depends on just one person for the skills and talents to run the business?
Sole Proprietorship
Partnership
Corporation
Franchise
- 20. Multiple ChoiceWhen comparing the four main types of business organizations, which protects owners the MOST from personal financial liability due to being sued by a customer?Sole ProprietorshipPartnershipFranchiseCorporation
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