Organization and Management Q1 Quiz 4

It is a social unit of people that is structured and managed to meet a need or to pursue collective goals.

• Economy

• Organization

• Employment

• None of these

Suppose you want to open your own boutique and you use your savings to start up the business, and you are the sole owner of the said boutique. This type of business is called ______.

• Sole Proprietorship

• Partnership

• Corporation

• Cooperative

It is an artificial being created by operation of law, having the right of succession and the powers, attributes and properties expressly authorized by law or incident to its existence.

• Sole Proprietorship

• Corporation

• Partnership

• Cooperative

Which role of business organization that taxes are being collected from businesses to fund governments' expenditures and programs?

• Provide Employment

• Through Investment

• Production of Goods and Services

• Increase in Government's Revenue

What is your analysis of the given statements below? Statement 1: Economy is a system of organizations and institutions that either facilitate or play a role in the production and distribution of goods and services in a society. Statement II: Business organizations help improve economy through job creation.

• Both Statements are true

• Only Statement 1 is true

• Only Statement II is true

• Both Statements are false

Which role of business organization that improves the economy through job creation?

• Provide Employment

• Through Investment

• Production of Goods and Services

• Increase in Government's Revenue

What is your analysis of the given statements below? Statement 1: Success in business translates to the economic well-being of a company and offers improved quality of life of the citizens of the country. Statement II: When consumer confidence or trust dips in business, it is not just sales that are affected, this mistrust has a ripple effect which can result in an increase in a country's general economy.

• Both Statements are true

• Only Statement 1 is true

• Only Statement II is true

• Both Statements are false

What is TRUE about a partnership?

• Unlimited life of the business

• Limited liability of one or all owners for the debts of the partnership.

• Profits are divided among partners based on their agreed sharing.

• Has low capital

Which of the following is TRUE?

• Partnership is registered under the Department of Trade and Industry (DTI).

• A sole proprietorship is registered under the Securities and Exchange Commission (SEC).

• The corporation is evidenced by Articles of Incorporation and by-laws that are duly approved by Securities and Exchange Commission (SEC).

• Cooperatives shall exist for a period exceeding fifty (50) years from date of registration.

Which statement about a corporation is correct?

• Management of the business is delegated by the shareholders to the Partners.

• Profit is taxed at the corporate tax rate, but stockholders are not taxed anymore when profits are distributed to them.

• Liability of stockholders/shareholders is unlimited.

• It has a legal personality that is separate and distinct from the owners.