9/26/23, 4:04 PM Forms of Business Organisations

NAME :
CLASS :
Forms of Business Organisations
22 Questions DATE :

1. One advantage of a Co-operative business is that members work for themselves and
make shared decision.

A True B False

2. The decision making process is slow for all the following forms of business organisations
EXCEPT:

A Partnerships B Co-operatives

C Sole trader D Companies

3. The process of operating a business with the aim of making a profit

A Owner B Entrepreneur

C Business man D Entrepreneurship

4. A sole proprietor has to share the profits made by the business. True or False?

A False B True

5. Which type of business has the most trouble getting financing?

A Partnership B Sole Trader

C Neither D Both

6. Unlimited Liability is

When a company's shareholders have to The owner has to pay off all the debts of
pay only their share value to meet debts ?
the business. To the extent that their
A B
incurred by the company. private assets may be sold to cover the
businesses debts.
7. To start a partnership business, what should be the minimum number of partners?

A 10 B 2
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y p y p y
businesses debts.
7. To start a partnership business, what should be the minimum number of partners?

A 10 B 2

C 20 D 4

8. The maximum number of members in a Partnership is ____.

A 20 B 10

C 50 D Unlimited

9. What is the partnership written agreement known as?

A Partnership Deed B Agreement

C Partnership Act D Partnership Contract

10. Which of the following listed would be an example of a partnership?

A the fire service B local councils

C lawyer's office D supermarkets

11. It is an organization which is formed voluntarily by a group of people to conduct

economic activities that are beneficial and respond to the need and aim of it's members.

A Market B Economy

C Cooperatives D Sufficiency

12. Cooperatives is managed by democratic principles.

A TRUE B FALSE

13. Private Limited Companies are owned by

A Partners B The Government

C Shareholders D Sole Traders

14. Sole Traders, Partnerships and Private Limited Companies are in which sector of the
Economy?

A Private Sector B Third Sector

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14. Sole Traders, Partnerships and Private Limited Companies are in which sector of the
Economy?

A Private Sector B Third Sector

C Public Sector

15. Which of the following is the least complicated to set up?

A Partnership B Sole Trader

C Private Limited Company

16. Shareholders recieve a share of the profits a LTD makes called a

A Bonus B Dividend

C Cash Prize D Commission

17. This type of company has a maximum of fifty (50) shareholders

A Public Unlimited B Public Limited

C Private Unlimited D Private Limited

18. What is the simple difference between a public and private limited company?

One does not deal with shares while the A public limited company is public and a
A B
other does. private limited company is private.

The public limited company can quote There are no differences.

C shares in a stock exchange while a D
private limited company cannot.

19. What are some documents required for the formation of a public limited company?

A A car. B A private jet.

C An already established business. D Article and memorandum of association.

20. A contractual agreement to use the name and sell the products or services of a company
in a designated geographic area is called a___________

A Non for profit B Cooperative

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20. A contractual agreement to use the name and sell the products or services of a company
in a designated geographic area is called a___________

A Non for profit B Cooperative

C Franchise D Corporation

21. A ____ is a payment, usually a percentage of sales, for the right to use a process or
company name.

A embargo B quota

C tariff D royalty

22. When a government takes over a previously privately owned industry or organization this
is called __________.

A nationalization B conglomeration

C privatization

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