Quiz Video Chapter 5 - Quiz on Types Of Business PDF

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Quiz on Types Of Business...

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1.In partnerships, all owners are involved in the operations of the business. Select one: a. True b. False The correct answer is: False

2.Rick and Beth own separate companies as personal trainers for busy professionals. They decide to join forces and form their own company, and formalize their intentions with a written agreement documenting each person’s specific involvement. Into what type of legal ownership structure have they entered?

Select one: a. Proprietorship b. Partnership c. Corporation d. Cooperative The correct answer is: Partnership

3.What is the greatest advantage between corporations and the partnership and proprietorship business-ownership models? Select one: a. Corporations have better tax breaks. b. Corporations have nicer offices. c. Corporations legally separate the business from the owners. d. None of the above The correct answer is: Corporations legally separate the business from the owners.

4.There are a series of vegetable farmers in Kamloops. They would like to join together and create a organization that would represents all the Kamloops vegetable farmers with any profits returned back to members. What is the best type of legal organization for them to create?

Select one: a. A Corporation b. A partnership c. A multiple proprietorship d. A Cooperative The correct answer is: A Cooperative

5.Ben owns a plumbing services company. He operates by himself, but has incorporated his business. What is the legal ownership structure of Ben’s company. Select one: a. Proprietorship b. Partnership c. Corporation d. Cooperative The correct answer is: Corporation...