Types of Business Organizations Quiz

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18 Questions

A corporation can act only through ______

agents

A sole proprietorship has the owner in command of the whole ______

business

Limited liability on the part of shareholders is a characteristic of a ______

corporation

In a partnership, control belongs to the ______ of the parties

agreement

A partnership is created by mere ______ of the parties

agreement

A corporation requires at least 5 but not more than 15 ______

incorporators

Unlike corporations, a sole proprietorship is not governed by a separate law that governs its __________, management, and activities.

formation

Many sole proprietors do business under their own names because creating a separate business or trade name isn't __________.

necessary

The liability of the owner in a sole proprietorship includes unlimited liability, meaning creditors may pursue the owner's personal __________ and property.

assets

In a sole proprietorship, there is no separation between the owner's personal and corporate affairs in the eyes of the __________.

law

The assets and property of a sole proprietorship business may be pursued by creditors with whom the owner had acquired personal __________.

debts

The Law on Partnership is governed by the Civil Code of the __________.

Philippines

A ______ is an unincorporated business that has just one owner who pays personal income tax on profits earned from the business.

sole proprietorship

A sole proprietorship is the oldest, simplest, and most prevalent form of ______ enterprise.

business

The sole proprietor is personally liable for all the debts and obligations of the ______.

business

The law merely recognizes the existence of a sole proprietorship as a form of ______ organization conducted for profit by a single individual.

business

Partnership, corporation, and sole proprietorship are types of ______ organizations.

business

A ______ is an unorganized business owned by one person.

sole proprietorship

Test your knowledge on the different types of business organizations including Sole Proprietorship, Partnership, and Corporation. Learn about the characteristics and differences between these forms of business entities.

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