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Chapter 8 Quiz: History

A common goal of all nonprofit organizations is that they
Does not run for the purpose of income tax.
Why might a bank be more likely to loan money to a partnership than to a sole proprietorship?
Partners usually have more assets to secure loans
What major advantage does a partnership have over a sole proprietorship?
The responsibility for the business is shared
RunnerPro Company designs their shoes in the United States but assembles them in Singapore. RunnerPro is
multinational corporation.
What is a certificate of incorporation?
a license to form a corporation issued by the state government
Mr. Martin owns a neighborhood shop that used to be called Martin’s Flowers. Now his shop is called Flowers Galore, just like the shops you have seen in other towns and in the mall. What change did Mr. Martin most likely make?
from sole proprietorship to franchise
Dr. Ruiz shares equal responsibility and liability with her colleagues in their small business, which is a medical practice. Her business is a
general partnership.
If a general partnership fails, who is responsible for its debts?
all of the partners
What does the limited liability of the owners of stock in a corporation mean?
The stockholders of a corporation can lose only the money they have interested in it.
You own a successful bicycle repair business. You would like to offer workshops and local touring, and to open at several other locations. You are considering incorporating to
raise capital more easily.
Cooperative organizations are controlled by
the membership
What is the major difference between a corporation and other kinds of businesses?
A corporation has separate legal identity from its owners.
a legal agreement that sets out each partner’s rights and responsibilities in a particular partnership
Articles of Partnership
a partnership in which only one partner has unlimited personal liability for the company’s actions
Limited Liability Partnership (LLP)
money and other valuables
Assets
a partnership in which all partners are protected from personal liability in certain situations
general partnership
a business that pays fees to a parent company
franchise
Which form of business organization is the easiest to start up?
sole proprietorship
A major advantage of a franchise is that
the parent company provides guidance on running the business.
Which of the following is a disadvantage of a sole proprietorship?
lack of permanence
a business whose ownership is spread among stockholders
corporation
regulations cities and towns use to designate areas for businesses separate from areas for homes
zoning laws
the legal obligation to pay debts
liability
payments to employees other than wages or salaries
benefits
the ownership structure of a company
business organization

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