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Business Organizations [Gr.7]

Quiz by Rifqa ahmed

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44 questions
Show answers
  • Q1
    What kind of business is BEST described by these statements? I am the only owner of my business, I take all the risks of doing business, I keep all the profits.
    Proprietorship
    Partnership
    Cooperative
    Corporation
    30s
  • Q2
    When entering into a franchise agreement, what is already established?
    Business name
    Location of the business
    Employees
    Organisational culture of the business
    30s
  • Q3
    An entrepreneur -
    Rnforces government regulations
    Manages financial investments
    Takes the risk to earn profit
    Sets the interest rates at banks
    30s
  • Q4
    Easy to start, owner is his/her own boss, owner keeps all the profits - These are advantages of what type of business
    Partnership
    Corporation
    Sole Proprietorship
    Franchise
    30s
  • Q5
    The main disadvantage of a general partnership is
    Shared management
    Difficulty of termination.
    Disagreement amongst partners.
    The unlimited liability of the partners.
    30s
  • Q6
    Who provides all marketing materials for the other party including branding, packaging and signage
    Franchisee
    Franchisor
    30s
  • Q7
    Which pathway option allows you to own a business, under the guidance and licensing of a large business's head office?
    Buying an existing business
    Already have a business
    Entering into a franchise agreement
    Opening a new business
    30s
  • Q8
    In a corporation, owners share profit, but liability is limited to -
    Distribution
    Theft
    Investment
    Production
    30s
  • Q9
    Which party needs to undertake training and coordinate staffing needs of the business?
    Franchisee
    Franchisor
    30s
  • Q10
    Floral Shops, Bookstores, Farms are examples of what type business
    Corporation
    Multinational Corporation
    Sole Proprietorship
    Franchise
    30s
  • Q11
    The major advantage of a franchise is:
    Nationally recognized name.
    All of the above.
    Personal ownership.
    Training and management assistance.
    30s
  • Q12
    What is a disadvantage of partnerships?
    Owners share responsibilities
    Possibility of personality conflict
    Limited liability
    Ease of formation
    30s
  • Q13
    A ___________ is a business with two or more owners:
    partnership.
    public corporation.
    conglomerate
    corporation
    30s
  • Q14
    Choose the best description of a sole proprietorship.
    A business owned by one person.
    A business owned by two or more people.
    A business owned by shareholders.
    A business owned when one shareholder has 99% investment and the other has 1% investment.
    30s
  • Q15
    Which is a franchisor?
    Starts a business
    Buys into an existing brand
    Allows others to use their brand name
    Takes over a business
    30s

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