Business Ownership Question Preview (ID: 9170)


To Review The Various Types Of Business Ownership Studied In Class. TEACHERS: click here for quick copy question ID numbers.

What is the name of the business ownership that has 1 owner?
a) Partnership
b) Sole Proprietorship
c) Cooperative
d) Corporation

Who are the owners of cooperatives?
a) Employers or users of company's products/services
b) Shareholders
c) Partners
d) Employees or users of the company's products/services

What are the names given to the owners of corporations?
a) Shareholders or Stockholders
b) Partners
c) Franchiser
d) Money Bags

In which type of business ownership are there 2 or more owners?
a) Partnership
b) Sole Proprietorship
c) Corporation
d) Franchise

This biz is time-consuming, expensive to start-up, those with few shares have little say.
a) Cooperative
b) Franchise
c) Corporation
d) Partnership

Who is the “franchisee”?
a) The original owner of a franchise
b) The owners of a partnership
c) The owner of a sole proprietorship
d) The dealers of a franchise

What does unlimited liability mean to an owner of a business?
a) The owner can lose their business, home & personal belongings
b) The owner can only lose the money invested into the business
c) The owner has no responsibility to pay the debts of the business
d) The owner has serious problems

What must a franchisee pay each month?
a) Monthly fee to the cooperative
b) Monthly fee to the corporation
c) Monthly fee to the franchiser
d) Monthly fee to the franchisee

What does limited liability mean to an owner of a business?
a) The owner can lose their business, home & personal belongings
b) The owner can only lose the money invested into the business
c) The owner has no responsibility to pay the debts of the business
d) The owner is very lucky

How are franchises different from all other types of business ownerships?
a) The owners are employees or users of products/services
b) Permission must be given to sell its products/services
c) A partnership agreement is needed
d) The owner performs all the duties in the business

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