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Business Ownership
Test Description: To review the various types of business ownership studied in class.
Instructions: Answer all questions to get your test result.
1) What is the name of the business ownership that has 1 owner?
A
Cooperative
B
Corporation
C
Partnership
D
Sole Proprietorship
2) Who are the owners of cooperatives?
A
Employees or users of the company's products/services
B
Employers or users of company's products/services
C
Partners
D
Shareholders
3) What are the names given to the owners of corporations?
A
Franchiser
B
Shareholders or Stockholders
C
Partners
D
Money Bags
4) In which type of business ownership are there 2 or more owners?
A
Corporation
B
Partnership
C
Sole Proprietorship
D
Franchise
5) This biz is time-consuming, expensive to start-up, those with few shares have little say.
A
Corporation
B
Partnership
C
Franchise
D
Cooperative
6) Who is the “franchisee”?
A
The owners of a partnership
B
The owner of a sole proprietorship
C
The original owner of a franchise
D
The dealers of a franchise
7) What does unlimited liability mean to an owner of a business?
A
The owner can lose their business, home & personal belongings
B
The owner has no responsibility to pay the debts of the business
C
The owner can only lose the money invested into the business
D
The owner has serious problems
8) What must a franchisee pay each month?
A
Monthly fee to the corporation
B
Monthly fee to the franchisee
C
Monthly fee to the cooperative
D
Monthly fee to the franchiser
9) What does limited liability mean to an owner of a business?
A
The owner is very lucky
B
The owner has no responsibility to pay the debts of the business
C
The owner can only lose the money invested into the business
D
The owner can lose their business, home & personal belongings
10) How are franchises different from all other types of business ownerships?
A
The owners are employees or users of products/services
B
The owner performs all the duties in the business
C
A partnership agreement is needed
D
Permission must be given to sell its products/services
*select an answer for all questions
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