Business Ownership, Operations and Financial Literacy Quiz

A business owned and operated by one person is known as:

• Corporation

• Franchise

• Sole proprietorship

• Partnership

Which of the following describes a partnership?

• Business owned by a single individual

• Business with two or more co-owners sharing responsibility

• Business operating under an established brand

• Business as a separate legal entity

Match the following characteristics with the type of business entity:

• Unregulated Business

• It is run by one person

• Corporation

• It is a separate legal entity with limited liability

• Non-existent Entity

• It does not require regulation

• Sole Proprietorship

• It operates without liability

Match the following business types with their characteristics.

• Allows operation under a recognized brand

• Corporation

• Owned and operated by two or more people

• Partnership

• A legal entity separate from its owners

• Sole proprietorship

• Owned and operated by one person

• Franchise

What is an advantage of a sole proprietorship?

• Limited liability

• Ease of starting the business

• Shared ownership

• Government funding

A bakery owned by one person is an example of a:

• Partnership

• Sole proprietorship

• Corporation

• Franchise

Two friends co-own a landscaping business and split profits equally. This is an example of a:

• Sole proprietorship

• Partnership

• Corporation

• Franchise

A supply chain refers to:

• The financial decisions of a business

• The ownership structure of a company

• The flow of goods and services from production to consumer

• The advertising strategy of a business

Match the following scenarios with their corresponding supply chain activities.

• Business expansion

• A baker sourcing flour and delivering bread to stores

• Procurement and distribution of goods

• A company branding its products with a logo

• Marketing and brand management

• A corporation filing taxes

• Financial compliance

• A franchise opening a new location

Limited liability is a key feature of which business structure? (a)  

• Sole proprietorship
• Corporation
• Partnership
• Franchise