8/23/2020 Types of Business Organizations | Print - Quizizz

NAME :

CLASS :
Types of Business Organizations
DATE :
15 Questions

1. This type of business is owned by one person.

a) Partnership b) Sole Proprietorship

c) Corporation d) Franchise

2. Advantages of this business type are that the owner is their own boss and gets to keep all the
pro ts.

a) Partnership b) Sole Proprietorship

c) Corporation d) Franchise

3. Disadvantages for this type of business include: owner pays for everything, hard to get money to
start from the bank, owner might lack skills & unlimited liability.

a) Sole Proprietorship b) Partnership

c) Corporation d) Franchise

4. What is a major advantage of a business that is a partnership rather than a sole proprietorship?

a) The responsibility for the business is b) The business is easy to set up

shared

c) The partners are not responsible for d) The business is easy to sell
business debts

5. What is a business owned by stockholders/investors but operated by others?

a) Sole Proprietorship b) Partnership

c) Corporation
Help

https://quizizz.com/print/quiz/5bd8784cadd4cd001b70b7ba 1/4
8/23/2020 Types of Business Organizations | Print - Quizizz

6. What is a business owned and operated by two or more people?

a) Sole Proprietorship b) Partnership

c) Corporation

7. What is ONE advantage of a sole proprietorship?

a) You make ALL the decisions b) Easy to raise money

c) You have to share pro ts

8. Which is ONE disadvantage of Sole Proprietorship?

a) Less direct control b) Disagreements

c) Hard to raise money

9. What is ONE advantage of a Corporation?

a) Di cult to start b) Make all of the decisions

c) Easy to raise money!

10. Disadvantages include limited life and

the potential for con ict between partners

a) Sole Propriotorship b) Partnership

c) Corporation

https://quizizz.com/print/quiz/5bd8784cadd4cd001b70b7ba 2/4
8/23/2020 Types of Business Organizations | Print - Quizizz

11. Characteristics include owned by two or more people and may be general or limited

a) Sole Propriotorship b) Partnership

c) Corporation

12. Advantages include limited liability for owners, unlimited life, and ease of transfer of ownership. 

a) Sole Propriotorship b) Partnership

c) Corporation

13. Which of the following is NOT a business organization?

a) Sole Proprietorship b) Corporation

c) Perfect Competition d) Partnership

14. What is a disadvantage of partnerships?

a) ease of formation b) owners share responsibilities

c) limited liability d) possibility of personality con ict

15. Sara’s Hair Palace is a small, locally owned beauty salon in Sterling. This represents what type of

business?

a) corporation b) partnership

c) sole proprietorship

https://quizizz.com/print/quiz/5bd8784cadd4cd001b70b7ba 3/4
8/23/2020 Types of Business Organizations | Print - Quizizz

Answer Key
1. b 5. c 9. c 13. c
2. b 6. b 10. b 14. d
3. a 7. a 11. b 15. c
4. a 8. c 12. c

https://quizizz.com/print/quiz/5bd8784cadd4cd001b70b7ba 4/4