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Forms Of Business Ownership
Test Description: Review for first semester final
Instructions: Answer all questions to get your test result.
1) A business owned and run by just one person.
A
Proprietorship
B
Partnership
C
Corporation
D
Franchise
2) A business owned and controlled by two or more people
A
Partnership
B
Franchise
C
Proprietorship
D
Corporation
3) A seperate legal entity formed by documents filed with a state.
A
Corporation
B
Partnership
C
Franchise
D
Proprietorship
4) A written agreement among all owners
A
Partnership Agreement
B
Articles of incorporation
C
Contract
D
Cooperative
5) A written legal document that defines ownership and operating procedures and conditions for the business
A
Cooperative
B
Partnership Agreement
C
Articles of Incorporation
D
Contract
6) A group of peope who join to do some activity that benefits the public
A
Joint Venture
B
Nonprofit corporation
C
Community Service
D
S-Corporation
7) A written contract granting permission to operate a business to sell products ans services in a set way.
A
Joint Venture
B
Limited Liability Partnership
C
S-Corporation
D
Franchise
8) Identifies some investors who cannot lose more than the amount of their investment
A
Joint venture
B
Franchise
C
NonProfit Corporatio
D
Limited Liability Partnership
9) Offers the limited liability protection for owners
A
Corporation
B
Franchise
C
S-Corporation
D
Partnership
10) Is owned by members, serves their needs, and is managed in their interest
A
Franchise
B
Corporation
C
Joint Venture
D
Cooperative
*select an answer for all questions
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