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Chapter l Forms of Business Organization Multiple Choice

1．All of the following are considered disadvantages of sole proprietorships except：

a) the owner has unlimited liability b) limited skills c) simple to establish d) limited funds

2．In (an)_________partnership, all of the partners have unlimited liability， a) unlimited b) unrestricted c) general d) nominal 3．A_________ is a business that has one owner．

a) sole proprietorship b) partnership c) corporation d) limited partnership

4．Which of the following is the advantage of a sole proprietorship? a) unlimited liability b) complete control c) limited skills d) limited funds

5．The board of directors of a corporation is elected by its

a) workers b) labor union c) stockholders d) creditors 6 Jim has an idea for a new business．He wants to get started as soon as possible with a minimum amount of expense．He also wants to be his own boss，and wants to keep all of the profits he expects to earn for himself. These goals suggest that Jim would favor setting up his firm as a：__. a) public corporation b) sole proprietorship c) limited liability company d) general partnership

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7．The responsibility of appointing the president and other key officers of a corporation belongs to the corporation’s:

a) employees b) labor union c) board of directors d) creditors 8 Stockholders of a corporation pay personal income taxes on the _____ they receive when the corporation distributes some of its eanings.

a) interest b) dividends c) revenue d) retained eamings

9. A major advantage of franchise arrangements is that they：

a) are very inexpensive to set up b) a11ow thefranchisee to keep all of the profit

c) give the franchisee total control over how the business is run d) offer the franchisee a proven management style Fill in Blanks：

1．The advantages of sole propnetorships are many fold．They are_______________________, _________________ easy to keep operational and financial secrecy, _________ and exclusive use of profits. 2．Besides advantages，sole proprietorships have some disadvantages，such as_________________, limited access to capital, _________________ and unshared loss．

3．People who take part in the management of thefirm and therefore take unlimited 1iability are regarded as_______________________.

4．The major disadvantages of a partnership are unlimited

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liability__________________________________________.

，_________________ and

5．A________________ is treated like a private person under the law．It can receive，own and transfer property，enter into contracts．sue and be sued．A corporation is a______________.

6．_____________ are owners of the business,because they hold shares which represent the ownership of the company.

7．Each corporation must pay a fee to get a license which is also called_____________________.

8．People tend to set up a corporation because it is easy to_________, has______ liability, seperated ownership and management and so on． 9．Franchising

is

a

licensing

agreement

by

which

a

business_________allows___________to sell and use its product, service or method in retum for a royalty from the latter．

10．Proven management style and name recognition are advantages of a special form of a business called______． True/False

1．An advantage of a parttnership over a sole proprietorship is that more than one owner can contribute funds to the firm．

2．A sole proprietorship is the form of business ownership best suited to raising large amounts of funds．

3．When stockholders of a corporation sell their stocks for more than they

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