Business Structure and Management Quiz

What is a graphic representation of a company’s structure showing roles and relationships?

• Vision Statement

• Organizational Chart

• Mission Statement

• Delegation

Which type of business is owned by one person who assumes all financial and legal responsibility?

• Corporation

• Partnership

• Sole Proprietorship

• Limited Liability Company (LLC)

Which business organization is owned by shareholders with limited liability?

• Sole Proprietorship

• Partnership

• Corporation

• Limited Liability Company (LLC)

Which term refers to a business owned by two or more people who share responsibilities and profits?

• Corporation

• Partnership

• Sole Proprietorship

• Limited Liability Company (LLC)

A statement that describes a company’s long-term aspirations and goals is called a:

• Mission Statement

• Vision Statement

• Partnership Agreement

• Management Plan

A business structure where two or more people share ownership and responsibility is known as a:

• Corporation

• Partnership

• Sole Proprietorship

• Franchise

The process of influencing and guiding individuals to achieve goals is called:

• Management

• Leadership

• Partnership

• Vision Statement

Which of the following is an advantage of a corporation?

• Unlimited liability

• Easier access to funding

• Simple to set up

• Owned by one person

A business entity that allows owners to share profits but limits their liability to their investment is called:

• Sole Proprietorship

• Partnership

• Corporation

• Franchise

Which leadership style involves employees in decision-making?

• Authoritarian

• Autocratic

• Democratic

• Transformational