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- 1. Multiple Choice
A business organization owned by one person is called:
Limited Partnership
Sole Proprietorship
Corporation
General Partnership
- 2. Multiple Choice
The most common form of business organization in the United States is:
Limited Partnership
Sole Proprietorship
Corporation
General Partnership
- 3. Multiple Choice
The owners of a corporation are known as:
Shareholders
Stockholders
Stakeholders
Board of Directors
- 4. Multiple Choice
Which is NOT a disadvantage of a sole proprietorship:
Limited Life
Difficulty raising financial capital
Limited Liability
Long Hours
- 5. Multiple Choice
This means that the owner(s) is/are personally and financially responsible for the losses of a business:
Financial Capital
Repossession
Business Hardships
Unlimited Liability
- 6. Multiple Choice
Law firms and doctors offices are usually categorized under what type of business organization:
Partnership
Corporation
Sole Proprietorship
Franchise
- 7. Multiple Choice
This means that the business no longer exists when the owner dies, quits or sells:
Limited Life
Limited Liability
Limited Contract
Limited Proprietorship
- 8. Multiple Choice
This type of business organization accounts for the most revenue in the United States:
Franchises
Partnerships
Corporations
Sole Proprietorships
- 9. Multiple Choice
In this type of partnership, one partner is only held liable to the extent of their investment:
General Partnership
Sole Partnership
Equal Partnership
Limited Partnership
- 10. Multiple Choice
Which is NOT a disadvantage of a corporation:
Expensive to start
Regulated by the government
Double taxation
Unlimited life
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