1.2 Types of organizations

Quiz
•
Social Studies
•
11th - 12th Grade
•
Medium
Natalia Dadidou
Used 63+ times
FREE Resource
25 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The public sector is owned and controlled by _______________________
The government
Individuals and households
Shareholders
The general public
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does limited liability refer to?
Shareholders' personal assets cannot be claimed by creditors for money owed by the firm
The maximum a shareholder can lose is equal to their initial investment, but nothing more
The directors are exempt from adhering to company law and legislation
Both (A) and (B)
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not a for-profit organization?
Public-private parnerships
Sole traders
Limited liability companies
Non-governmental organizations
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If an individual wants full and total control over a firm and wishes to minimize the legal bureaucracy in setting up, which of the following is most suitable?
Partnership
Sole proprietorship
Private limited company
Public limited company
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not a valid advantage of a sole proprietorship?
The proprietor has limited liability
The proprietor has total control and more flexibility
Fewer legal formalities are required
The proprietor does not have to share profits with others
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not a disadvantage of being a sole trader?
Unlimited liability
Limited availability of, and access to, funds
Time consuming to set up
Continuity challenges
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who do the profits made by a sole trader belong to?
The government
The sole trader
Employees
Shareholders
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