24 Questions
What is the key feature that distinguishes a corporation from other forms of business organizations?
Perpetual existence separate from the owners
Which of the following is NOT a commonly cited advantage of a sole proprietorship?
Ability to raise large amounts of capital
What is the key difference between a sole proprietorship and a partnership?
Sole proprietorships have a single owner, while partnerships have multiple owners
Which of the following is NOT a commonly cited advantage of a partnership?
Limited life
Which of the following is a common subtype of a sole proprietorship?
Self-employment
What is the primary disadvantage of a corporation compared to other forms of business organizations?
Unlimited liability of the owners
What is the key characteristic that distinguishes a corporation from other forms of business organizations?
The business has separate existence from its owners.
Which of the following is NOT a disadvantage of a cooperative business organization?
Government support
What is the key difference between the liability of owners in a sole proprietorship/partnership versus a corporation?
In a sole proprietorship/partnership, the owners have unlimited liability, while in a corporation the liability is limited to the business resources.
Which form of business organization is taxed separately from its owners?
Corporation
Which of the following is NOT listed as a disadvantage of a cooperative business organization?
Separate entity
According to the passage, which of the following is NOT a potential disadvantage of a corporation?
Inefficient management
What is the main focus of a Service Business?
Providing intangible products
In a Merchandising Business, how does a businessman earn a profit?
By buying goods at a certain cost and selling at a higher price
What is the primary characteristic of a Manufacturing Business?
Converting raw materials into new products
What is the main distinction of Hybrid Businesses?
They are a combination of different business types
What is the key focus of a Sole Proprietorship business?
Being owned by a single person
What characterizes a Partnership business?
Having general or limited partners to share profits and liabilities
What is one major objective of the lesson on Forms of Business Organization?
Identify forms of business organizations and their characteristics
What is one key advantage of a partnership business?
Diversity of expertise among partners
Which statement about sole proprietorship is FALSE based on the text?
Sole proprietors do not have full control of their businesses
What does the text propose as a group activity to enhance learning about business issues?
Group research and presentation on a major 21st-century business issue
Which term describes a business organization that operates in exchange for money?
Commercial enterprise
In terms of socio-economic development, how do the forms of business organizations differ according to the text?
They differ in their purpose and role in socio-economic development
Learn about the nature and forms of business organizations, identify their characteristics, and differentiate the forms based on their purpose and role in socio-economic development. This quiz is based on Lesson 1 by Mr. Eljun V. Mellomida.
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