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18 Questions

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Forms of Business Organization Quiz

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Questions and Answers

Which type of partner contributes cash and property to a partnership?

Managing Partner

Industrial Partner

Limited Partner (correct)

General Partner

What is the main characteristic of a Silent Partner?

Participates in the management of the partnership affairs

Actively manages the business

Does not take active part in the management (correct)

Conceals or hides their connection with the partnership

Which type of partner is known to the public as a partner of the business?

Dormant Partner

Ostensible Partner (correct)

Secret Partner

Limited Partner

A General Partner's liability extends to which property?

Separate (private) property Signup and view all the answers

What differentiates a Secret Partner from an Ostensible Partner?

Concealed or unknown connection with partnership Signup and view all the answers

What is a Corporation's advantage that allows it to have a wider source of capital?

Owned by shareholders Signup and view all the answers

What is the main advantage of a Sole Proprietorship?

Easy to form with less government requirements Signup and view all the answers

What is a disadvantage of a Partnership?

Limited source of capital Signup and view all the answers

What is the maximum number of individuals that can form a Partnership according to the text?

5 Signup and view all the answers

Which form of business organization may have management dependent on the capacity of the owner?

Sole Proprietorship Signup and view all the answers

What is an advantage of a Partnership?

Sharing the burden Signup and view all the answers

What type of partner contributes capital in cash or property according to the text?

Capitalist Partner Signup and view all the answers

What are the disadvantages of a Limited Liability Corporation?

Requirement for double taxation Signup and view all the answers

Which type of business activity involves buying goods and selling them without changing their form?

Merchandising Signup and view all the answers

What are examples of businesses falling under Service Business?

Beauty parlors and dental clinics Signup and view all the answers

In which type of business activity are goods sold in small quantities?

Retailing Signup and view all the answers

What is a common challenge faced by Limited Liability Corporations according to the text?

Subject to more governmental requirements Signup and view all the answers

Which type of business activity involves the conversion of raw materials into finished goods?

Manufacturing Signup and view all the answers