simple questions about the business organization (fill in the blanks)
Answers
**Hey mate, sorry but i have given u MCQ type questions but you can transfor them into fill in the blanks type of questions very easily.
Question 1
Q. A person who takes a risk to produce goods and services in search of profit -
Answer choices
- entrepreneur
- magistrate
- profiteer
- baliff
Question 2
Q. 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.
Answer choices
- proprietorship
- corporation
- partnership
- cooperative
Question 3
Q. An entrepreneur -
Answer choices
- enforces government regulations
- takes the risk to earn profit
- sets the interest rates at banks
- manages financial investments
Question 4
Q. In a corporation, owners share profit, but liability is limited to -
Answer choices
- investment
- distribution
- theft
- production
Question 5
Q. A form of business organization that is authorized to act as a legal entity regardless of the number of owners.
Answer choices
- corporation
- proprietorship
- partnership
- distributor
Question 6
Q. What is a disadvantage of partnerships?
Answer choices
- ease of formation
- owners share responsibilities
- limited liability
- possibility of personality conflict
Question 7
Q. What is the advantage of corporations?
Answer choices
- minimal government regulation
- limited liability
- short life span
- has one owner
Question 8
Q. The Dow Jones industrial average swept past 12,000 for the first time. Investors are increasingly optimistic about corporate earnings and the economy.
This achievement MOST likely involved which type of business organization?
Answer choices
- proprietorship
- partnership
- corporation
- conglomerate
Question 9
Q. In which type of organization does one person take all the risks?
Answer choices
- corporation
- partnership
- monopoly
- proprietorship
Question 10
Q. Floral Shops, Bookstores, Farms are examples of what type business
Answer choices
- Sole Proprietorship
- Corporation
- Franchise
- Multinational Corporation
Question 11
Q. Easy to start, Owner is his/her own boss, Owner keeps all the profits - These are advantages of what type of business
Answer choices
- Franchise
- Corporation
- Parntership
- Sole Proprietorship
Question 12
Q. Which ownership type has unlimited liability (owner has full responsibility for company's debt and can lose entire investment as well as personal assets).
Answer choices
- Partnership
- Franchise
- Corporation
- Sole Proprietorship
Question 13
Q. What type of business consists of two or more people?
Answer choices
- Sole Proprietorship
- Partnership
- Corporation
- Franchise
Question 14
Q. Which are the disadvantages of a partnership?
Answer choices
- Partnership must be reorganized if one partner quits
- Partners share unlimited liability
- Partners may not get along
- All of these are correct
Question 15
Q. Law firms, medical practices, and auto body repair shops are examples of what type of ownership
Answer choices
- sole proprietorship
- partnership
- franchise
- corporation
Question 16
Q. What type of business structure is owned by many people?
Answer choices
- corporation
- partnership
- sole proprietorship
Question 17
Q. Corporations do NOT continue when stockholders sell stock.
Answer choices
- True
- False
Question 18
Q. Nike, IBM, and Google are examples of
Answer choices
- partnership
- franchise
- corporation
- partnership
Question 19
Q. Business owned by one person
Answer choices
- partnership
- franchise
- sole proprietorship
- corporation
Question 20
Q. Which is NOT a basic type of business ownership?
Answer choices
proprietorship
partnership
corporation
retail
Question 21
Q. Who plays an important role in all three business organizations?
Answer choices
- Governors
- Presidents
- Entrepreneurs
- Magistrates
Question 22
Q. A form of business organization with one owner who takes all the risks and all the profit is called -
Answer choices
- partnership
- proprietorship
- corporation
- governorship
Question 23
Q. A form of business organization with two or more owners who share the risks and the profits -
Answer choices
- proprietorship
- corporation
- wholesale
- partnership
Question 24
Q. Owned by many people - stockholders, but treated by the law as one person
Answer choices
- Sole Proprietorship
- Franchise
- Partnership
- Corporation