Business Ownership Types | 3.1K plays

1.

Multiple Choice

30 sec

1 pt

This type of business is owned by one person.

Partnership

Sole Proprietorship

Corporation

Franchise

2.

Multiple Choice

45 sec

1 pt

This type of business is owned by two or more people.

Sole Proprietorship

Partnership

Corporation

Franchise

3.

Multiple Choice

10 sec

1 pt

This type of business is owned by many people called stockholders.

Sole Proprietorship

Partnership

Corporation

Franchise

4.

Multiple Choice

45 sec

1 pt

This type of business is a contractual agreement with a parent company to sell its products/services in an area.

Sole Proprietorship

Partnership

Corporation

Franchise

5.

Multiple Choice

30 sec

1 pt

Law firms and doctor's offices are examples of.....

Sole Proprietorships

Partnerships

Corporations

Franchises

6.

Multiple Choice

45 sec

1 pt

Nike, Google and Apple are examples of.....

Sole Proprietorships

Partnerships

Corporations

Franchises

7.

Multiple Choice

45 sec

1 pt

McDonald's and Burger King are examples of....

Sole Proprietorships

Partnerships

Corporations

Franchises

8.

Multiple Choice

45 sec

1 pt

Advantages of this business type are that the owner is their own boss and gets to keep all the profits.

Partnership

Sole Proprietorship

Corporation

Franchise

9.

Multiple Choice

45 sec

1 pt

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.

Sole Proprietorship

Partnership

Corporation

Franchise

10.

Multiple Choice

45 sec

1 pt

Advantages of this business include: easier to get money from the bank to start, share skills and share risks.

Sole Proprietorship

Partnership

Corporation

Franchise

11.

Multiple Choice

45 sec

1 pt

Disadvantages of this business type include: needs a partnership agreement, partners might not get along, owners share profits, unlimited liability.

Sole Proprietorship

Partnership

Corporation

Franchise

12.

Multiple Choice

45 sec

1 pt

Advantages of this type of business include: selling stock to raise money, limited liability.

Sole Proprietorship

Partnership

Corporation

Franchise

13.

Multiple Choice

45 sec

1 pt

Disadvantages of this type of business include: company is taxed on profits, regulated by the government, and hard to start.

Sole Proprietorship

Partnership

Corporation

Franchise

14.

Multiple Choice

45 sec

1 pt

Advantages of this type of business include: easy to start, and you can rely on a good company name and expertise.

Sole Proprietorship

Partnership

Corporation

Franchise

15.

Multiple Choice

45 sec

1 pt

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

30 sec

1 pt

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

30 sec

1 pt

No paperwork (charter or agreement) is required to start which type of business?

Partnership

Franchise

Sole Proprietorship

Corporation

18.

Multiple Choice

30 sec

1 pt

Which type of business allows the owner to keep all of the profit for him/herself?

Partnership

Franchise

Sole Proprietorship

Corporation

19.

Multiple Choice

30 sec

1 pt

Which business depends on just one person for the skills and talents to run the business?

Sole Proprietorship

Partnership

Corporation

Franchise

20.

Multiple Choice

30 sec

1 pt

When 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 Proprietorship

Partnership

Franchise

Corporation

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