UGRD-ITE6301 Technopreneurship

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4. Week 8-9: Forms of Business Ownership
5. Midterm Quiz 2

Started on Thursday, 30 June 2022, 10:43 PM

State Finished
Completed on Thursday, 30 June 2022, 10:56 PM
Time taken 13 mins 12 secs
Marks 25.00/25.00
Grade 100.00 out of 100.00
Question 1
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Question text
The business organization in which a  franchisor supplies the product  concept to the
franchisee, who sells the goods or services.

Select one:

stockholders

joint ventures

cooperatives

franchises
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Question 2
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Two or more companies form an  alliance to pursue a specific project, usually for a specific
time period.

Select one:

franchises

stockholders

joint ventures
Cost and complexity of formation

cooperatives
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Question 3
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Formed by people with similar interests, such as  customers and suppliers.

Select one:

franchises

joint ventures
Cost and complexity of formation

stockholders

cooperatives
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Question 4
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Which of the following is not a disadvantage of sole proprietorship?

Select one:

none of the choices

Difficulty in raising capital

Unlimited liability of the owner for debts

Limited managerial expertise

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Question 5
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Choose a form of organization by evaluating _____ .

Select one:

The aims and objectives of the various business

the taxes

The desire of how to/not to share profits

all of the choices

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Question 6
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In Limited Partnerships, the dormant partners’ do not participate actively in the  firm’s
operations.
.

Select one:
True 
False

Question 7
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In General Partnerships, each partner can co-own assets and  share profits.

Select one:
True 
False

Question 8
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Which of the following is/are the main forms of business  organization?

Select one:

Sole proprietor

Ltd liability company

Partnership

all of the choices

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Question 9
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Which of the following is not a disadvantage of sole proprietorship?

Select one:

Large personal time commitment

none of the choices

Difficulty in attracting qualified  employees

Unstable business life

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Question 10
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Question text
Choose a form of organization by evaluating _____ .

Select one:

The ease and cost of forming the business

all of the choices

The ability to raise funds

Owner’s liability for firm’s debts
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Question 11
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Which of the following is not an advantage of sole proprietorship?

Select one:

none of the choices

Ease and low cost of formation

Owner’s absolute control of the  business

Owner’s rights to all profits

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Question 12
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In Limited Partnerships, each partner is controlled by one or more  general partners who
have unlimited liability.
.

Select one:
True 
False

Question 13
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Question text
Choose a form of organization by evaluating _____ .

Select one:

The degree of operating control the owner can  retain

all of the choices

The ability to attract employees

The taxes
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Question 14
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Why would a new business venture choose to operate as a partnership?

Select one:
Flexibility to respond to  changing business conditions

all of the choices

Diversity of managerial expertise

Relative freedom from  government control

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Question 15
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 Why would a new business venture choose to operate as a partnership?

Select one:
a.
Ease of formation

b.
Availability of capital

c.
all of the choices

d.
Diversity of managerial expertise
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Question 16
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Why would a new business venture choose not to  operate as a partnership?

Select one:

Potential for conflict between  partners

Unlimited liability for general  partners

Limited life

all of the choices

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Question 17
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Question text
A legal entity with an existence and life  separate from its owners, who  therefore are not
personally liable for  its debts.

Select one:

partnership

limited liability company

franchise

sole proprietorship
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Question 18
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In Limited Partnerships, the dormant partners’ liability is  limited to their investment.

Select one:
True 
False

Question 19
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Question text
Which of the following is not an advantage of sole proprietorship?

Select one:

Absence of special taxes

Owner’s rights to all profits

none of the choices

Relative freedom from  government regulation

Ease of dissolution
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Question 20
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Why would a new business venture choose not to  operate as a partnership?

Select one:

Limited life

Sharing of profits

Difficulty in leaving a partnership

all of the choices

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Question 21
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Which of the following is/are disadvantage/s of Limited Liability company?

Select one:

Government restrictions and regulations

Stable business life

Cost and complexity of formation

Double taxation of profits

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Question 22
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Question text
The purchase of a corporation by another corporation or investment group.

Select one:

cooperatives

Acquisition

Merger

joint ventures
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Question 23
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The combination of 2 or more firms to form a new company, which often takes a new
corporate identity.

Select one:

Merger

Acquisition

cooperatives

joint ventures
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Question 24
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Question text
In General Partnerships, each partner is individually liable for all debts and contracts of the
partnership.

Select one:
True 
False
Question 25
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Question text
Which of the following is/are an advantage/s of Limited Liability company?

Select one:

Limited liability

Ease of transferring ownership

Ability to deny financing

Stable business life