QUIZ # 1 (FINALS)

HBN 121- Entrepreneurship

“NO ERASURE”

“NO ANY FORM OF CHEATING PLEASE”

I. IDENTIFICATION
True or False.
(Write True is the statement is correct and False if wrong.)

1. Limited partnership is composed of partners who are

liable individually and collectively to all those who have
claims against them.
2. Sole Corporation type of corporation that issues capital
stocks divided into share or sell stocks.
3. A very good business plan contains forecasted sales, expenses
and profits.

4. In choosing a very fitting name of the enterprise the

entrepreneur must think long and hard about the name because
he or she has to live with it for a very long time.

5. A very clear purpose and mission of the business must be

clearly understood by the researcher.

6. Corporation is very easy and less expensive to establish.

7. Under more than one partner, the ability to raise funds may be
increased.

8. Corporation is a business form the legally separate from its

member.
9. One of the advantages of corporation is that shareholders have
unlimited liability for the corporation’s debts or judgment.

10. Ownership under partnership is transferable to any next of

keen.
II. ENUMERATION (NO ERASURE)

11-14 - Recipients of clear Mission and purpose of the

enterprise
15-16 – Types of Stock Corporation
17-19 – Asset of the Enterprise
20-22 – Liabilities of the Enterprise
23-25 Form of Business Organization
ANSWER
1. False
2. False
3. True
4. True
5. False
6. False
7. True
8. True
9. False
10. False
ANSWER
11-14 Recipient of clear mission
Customers
Investors
Financiers
Government

15-16 Type of Stock Corporation

Open Corporation
Close Corporation
ANSWER
17-19 Asset of the Enterprise
Current assets or short lived assets
Fixed assets or long lived assets
Other assets

20-22 Liabilities of the Enterprise

Current liabilities
Long term debt
Owner’s Equity
ANSWER

23-25 Forms of Business Organization

Sole Proprietorship
Partnership
Corporation