Forms Of Business Ownership Question Preview (ID: 16960)


Review For First Semester Final. TEACHERS: click here for quick copy question ID numbers.

A business owned and run by just one person.
a) Partnership
b) Corporation
c) Franchise
d) Proprietorship

A business owned and controlled by two or more people
a) Partnership
b) Franchise
c) Corporation
d) Proprietorship

A seperate legal entity formed by documents filed with a state.
a) Proprietorship
b) Franchise
c) Corporation
d) Partnership

A written agreement among all owners
a) Partnership Agreement
b) Articles of incorporation
c) Cooperative
d) Contract

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

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

A written contract granting permission to operate a business to sell products ans services in a set way.
a) Franchise
b) S-Corporation
c) Limited Liability Partnership
d) Joint Venture

Identifies some investors who cannot lose more than the amount of their investment
a) Franchise
b) Limited Liability Partnership
c) Joint venture
d) NonProfit Corporatio

Offers the limited liability protection for owners
a) S-Corporation
b) Franchise
c) Partnership
d) Corporation

Is owned by members, serves their needs, and is managed in their interest
a) Franchise
b) Corporation
c) Cooperative
d) Joint Venture

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