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Exam 4: Types of Business Ownership

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Question 61

Multiple Choice

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In the UK, approximately 72 percent of all businesses are

A) corporations.
B) partnerships.
C) sole traders.
D) joint ventures.
E) franchises.

F) A) and B)
G) A) and D)

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Question 62

Multiple Choice

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Which of the following is necessary for starting a sole tradership?

A) A contract
B) An agreement
C) An application to the secretary of state
D) Articles of sole trading
E) No specific legal documents

F) None of the above
G) A) and D)

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Question 63

Multiple Choice

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The top governing body of a corporation is known as the

Habitat for Humanity and Girl Scouts are both examples of

Ordinary shareholders have the right to elect a corporation's board of directors and vote on corporate matters.

Which of the following statements is false?

A common tactic of corporate raiders is to start a proxy fight.

A limited-liability company extends the concept of personal-asset protection to small-business owners.

Which of the following is an advantage of a sole trader?

The most effective form of business organisation for raising capital is the

Wade serves on Foot Locker's board of directors.How did Wade get this position?

Samantha's Dilemma Samantha graduated from college and needed to decide where she wanted to work.She had several options.Her aunt Julie owned and operated a small business that she started about twenty years ago.Julie, an individual owner of her business, informed Samantha that she could work for her.On one hand, Samantha thought it would be a great opportunity to be able to work for her aunt, learn the business, and then run the business when her aunt retired.On the other hand, she also felt that she wanted something a little more challenging; a job where she could really use her education.Her other option would be to work for a company that a friend and her husband had started and jointly owned.It was a rapidly growing company with plenty of opportunity for advancement.However, Samantha had some reservations about this choice because she was not sure she wanted to work for friends.Her last option was to work for a large retail company, headquartered in Maryland, which had stores across the UK. After much consideration, Samantha decided she didn't want an opportunity and a job because someone knew her.She wanted to prove how motivated and hard-working she was.Once she weighed all the advantages and disadvantages of her different options, she decided to work for the large retail company so that she could gain the most experience for herself. -Refer to Samantha's Dilemma.What would not be an advantage of Samantha's aunt's business?

In a limited partnership, a limited partner's name must be included in the partnership's name.

Financial experts agree that takeovers enhance corporate profitability and productivity.

Mars, Inc., maker of M&Ms and other candy, is 100 percent owned by the Mars family and is therefore referred to as a(n)

To close a sole tradership, the owner must

The purchase of one corporation by another is called a merger.

What is the primary disadvantage of both a sole trader and a partnership that a corporation overcomes?

Which of the following is an advantage of the corporate form of organisation?

A banker or lender is more likely to make sizable loans to a sole proprietor than to a partnership.