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Entrepreneurship: Types of Businesses (Grade 9)

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Entrepreneurship: Types of Businesses

1. 
Which of the following are a disadvantage of sole proprietorship?
  1. High start up costs
  2. Unlimited liability
  3. Difficult to sell
  4. Extensive record keeping
2. 
Which of the following are an advantage of a sole proprietorship? Select all that apply.
  1. Low start up costs
  2. Management assistance
  3. All profits to owner
  4. Owner control
3. 
Which of the following are advantages of a corporation? Check all that apply.
  1. Limited liability
  2. Specialized management
  3. Ease of raising capital
  4. Ease of setting up
4. 
Which of the following is a disadvantage of a corporation?
  1. Lack of continuity
  2. Loss of independence
  3. Expensive to organize
  4. All of the above
5. 
Which of the following is an advantage of a partnership?
  1. Low start up costs
  2. Ease of raising capital
  3. Greatest freedom
  4. All of the above
6. 
Which of the following is a form of business organization that is owned and managed by one individual who assumes all risk of loss and receives all profits?
  1. Corporation
  2. Franchise
  3. Partnership
  4. Sole Proprietorship
7. 
Which of the following is a form of business organization that is owned by two or more individuals who assume all risk of loss and receive all profit?
  1. Corporation
  2. Franchise
  3. Partnership
  4. Sole Proprietorship
8. 
Which of the following is a form of business organization that is created by law, functions as a separate legal entity and is owned by two or more individuals called stockholders. Stockholders are at risk only for the amount of their financial investment.
  1. Corporation
  2. Franchise
  3. Partnership
  4. Sole Proprietorship
9. 
A limited liability partnership combines elements of a partnership with which of the following?
  1. Corporation
  2. Franchise
  3. Partnership
  4. Sole Proprietorship
10. 
Which of the following is a type of business ownership often allows for better than average profit margins and small than usual capital investment?
  1. Corporation
  2. Franchise
  3. Partnership
  4. Sole Proprietorship

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