Chapter 3 - Understanding Entrepreneurship, Small Business & Business Ownership

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 Chapter 3 - Understanding Entrepreneurship,Small Business & Business Ownership
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  • 1. 
    An arrangement that gives franchisees (buyers) the right to sell the product of ther franchiser is called
    • A. 

      Franchise

    • B. 

      Franchising agreement

    • C. 

      Incorporation

    • D. 

      Venture business


  • 2. 
    A partnership is when a business with two or more owners who share in the operation of the firm and in financial responsibility for the firm' s debts
    • A. 

      T

    • B. 

      F


  • 3. 
    A limited partner is when a partner who generally does not participate actively in the business and whose liability is limited to the amount invested in the partnership
    • A. 

      T

    • B. 

      F


  • 4. 
    A general partner is when a partner who is activly involved in managing the firm and has unlimited liability.
    • A. 

      T

    • B. 

      F


  • 5. 
    A private corporation is a business whose stock is widely held and available for sale to the general public.
    • A. 

      T

    • B. 

      F


  • 6. 
    A publiccorporation is a business whose stock is held by a small group of individuals and is not usually available for sale to the general public
    • A. 

      T

    • B. 

      F


  • 7. 
    Stockholders or shareholders are
    • A. 

      The investors

    • B. 

      Those own shares of a stock in a company

    • C. 

      The directors

    • D. 

      All of the above

    • E. 

      A & C


  • 8. 
    Limited liability is limited to the investors`investments in the corporation;courtscannot touch the personal assets of investors in the event that the corporation goes bankrupt.
    • A. 

      T

    • B. 

      F


  • 9. 
    A group of individuals elected by a firm`s shareholders and charged with overseeing and taking legal responsibility for the firm`s actions
    • A. 

      Board of directors

    • B. 

      Chief executive officer

    • C. 

      Managers


  • 10. 
    A co-operative is an organization that is formed to benefit its owners in the form of reduced prices andéor the distribution of surpluses at year-end. An example of co-operative is housing co-op
    • A. 

      T

    • B. 

      F


  • 11. 
    Name 2 advantages and 2 disadvantages of being a sole proprietor.

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