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Business Ownership Flashcards | StudBud
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Business Ownership
Business Ownership
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A quiz on business ownership for NCFE level 1 students.
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
A bad thing about having a partnership is
disagreements
more skills brought to the table
access to more money
sharing the profit
2
An LLC protects who from unlimited liability?
franchise
partnership
sole proprietorship
corporation
3
A Cooperative is not owned by its customers
False
True
4
A bad thing about a sole proprietorship is.....
Unlimited liability
Share decisions
Own boss
Hard Work
5
What sort of ownership is this?
Cooperative
Non profit
LLC
Sole proprietorship
6
A___________ is an independent legal entity owned by shareholders.
Corporation
Sole Proprietorship
Non profit
LLC
7
You need a license or permit to open what type of ownership?
sole proprietorship
partnership
non profit
corporation
8
It is easier to obtain capital with a sole proprietorship than a partnership.
False
True
9
A sole proprietorship is considered a small business.
True
False
10
A non profit does not help others
False
True
11
An example of a franchise includes
Snap Fitness
All of them
McDonald's
Marriott Hotel
12
My main aim is to improve the local community- what am I?
Sole Proprietorship
Cooperative
Partnership
Non Profit
13
It is legally required to have a "partnership agreement" when forming a partnership.
True
False
14
What sort of ownership is this?
Franchise
Cooperative
Partnership
Corporation
15
You would not find this business set up as a sole proprietorship
Nail Salon
Hairdresser
Bank
Mechanic shop
16
I am owned by 1 person what am I?
Sole Proprietorship
Partnership
LLC
Corporation
17
A good thing about having a partnership includes
own boss
Share skills
Share decisions
sell shares
18
A bad thing about a franchise is
Limited on products and services
Rules to follow
Advertising is done for you
You make management decisions
19
A good thing about having a sole proprietorship is.......
have lots of money
make loads of money
money
keep all the profit
20
I am owned by my customers/members - what am I?
Cooperative
Franchise
None of the above
Partnership
21
A good thing about a cooperative is
Customers (members) receive some of the profits
Service is typically better
All the above
They can be small or big
22
An LLC is expensive to start.
True
False
23
A partnership is owned by 2 or more people.
True
False
24
You are able to deduct your expenses with what type of ownership?
partnership
non profit
sole proprietorship
corporation
25
Partnerships have unlimited liability...
False
True
