Business Organizations and Entrepreneurial Traits TEST

Front

This type of business is owned by one person.

Back

Sole Proprietorship

Front

Advantages of this business type are that the owner is their own boss and gets to keep all the profits. Options: Partnership, Sole Proprietorship, Corporation, Franchise

Back

Sole Proprietorship

Front

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. Options: Sole Proprietorship, Partnership, Corporation, Franchise

Back

Sole Proprietorship

Front

What is a major advantage of a business that is a partnership rather than a sole proprietorship? Options: The responsibility for the business is shared, The business is easy to set up, The partners are not responsible for business debts, The business is easy to sell

Back

The responsibility for the business is shared

Front

What is a business owned by stockholders/investors but operated by others? Options: Sole Proprietorship, Partnership, Corporation

Back

Corporation

Front

What is a business owned and operated by two or more people? Options: Sole Proprietorship, Partnership, Corporation

Back

Partnership

Front

What is ONE advantage of a sole proprietorship?

Back

You make ALL the decisions

Front

Which is ONE disadvantage of Sole Proprietorship? Options: Less direct control, Disagreements, Hard to raise money

Back

Hard to raise money

Front

What is ONE advantage of a Corporation? Options: Difficult to start, Make all of the decisions, Easy to raise money!

Back

Easy to raise money!

Front

Disadvantages include limited life and
the potential for conflict between partners. What type of business structure is being described? Options: Sole Proprietorship, Partnership, Corporation

Back

Partnership