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Business Ownerships
Test Description: Distinguish between the 4 types of business ownerships: Sole Proprietorship, Partnership, Corporation, and Franchise.
Instructions: Answer all questions to get your test result.
1) This business entity is owned by one person
A
Sole proprietor
B
Partnership
C
Franchise
D
Corporation
2) DisAdvantages of this business entity: share the profit, possible disagreements, contract needed, share unlimited liability
A
Corporation
B
Partnership
C
Sole proprietor
D
Franchise
3) This business entity is owned by many people----shareholders/stockholders
A
Corporation
B
Sole proprietorship
C
Partnership
D
Franchise
4) Which ownership? Examples: Dentist and doctor's offices, real estate brokers, lawyers.
A
Corporation
B
Partnership
C
Franchise
D
Sole Proprietor
5) Which ownership? Examples: Mcdonalds, Ford, Apple, Footlocker
A
Partnership
B
Sole Proprietor
C
Franchise
D
Corporation
6) Which ownership? Examples: Taco Bell, Blockbuster, Applebees
A
Corporation
B
Franchise
C
Sole proprietor
D
Partnership
7) This business entity is an agreement to sell a company's products and services
A
Corporation
B
Franchise
C
Partnership
D
Sole proprietor
8) Advantages of this business entity: easy to start, you're your own boss, owner keeps all profits
A
Corporation
B
Sole proprietor
C
Partnership
D
Franchise
9) Advantages of this business entity: Get $$ by selling stock, limited liability
A
Franchise
B
Sole proprietor
C
Partnership
D
Corporation
10) Advantages of this business entity: easy to start, can rely on good company's reputation, company will help you
A
Partnership
B
Corporation
C
Sole proprietor
D
Franchise
*select an answer for all questions
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