1. Corp., Inc,
Co.
Me, Myself & I
Partner Up
Know
That Term
Grab Bag
Potpourri 10 10 10 10 10 10 20 20 20 20 20 20 30 30 30 30 30 30 40 40 40 40 40 40 50 50 50 50 50 50

2. What does it mean to incorporate a business?10
10 Corp., Inc, Co.

3. The form of business organization that accounts for 82% of all sales revenue in the US20
20 Corp., Inc, Co.

4. A business that is owned by members of the family and a few close friends, that do not trade public stock 30
30 Corp., Inc, Co.

5. What state must a business incorporate in?40
40 Corp., Inc, Co.

6. Who elects the board of directors?50
50 Corp., Inc, Co.

7. True or False: As a partnership, you will be able to get more capital and credit to start a business than a sole proprietorship. 10
10 Partner Up

8. If your partner enters into a contract without your consent, who is legally responsible for the contract? 20
20 Partner Up

9. In which type of partnership is the liability of a partner limited to the amount of the partner’s investment? 30
30 Partner Up

10. List two disadvantages of partnerships?40
40 Partner Up

11. True or False: Partners in a Partnerships are taxed the same way as a sole proprietors50
50 Partner Up

12. Which form of business is the easiest to start?10
10 Me, Myself & I

13. True or False: As long a I remain the only owner, I may delegate some of the decision making to managers and still be considered a Sole Proprietorship. 20
20 Me, Myself & I

14. True or False:
Businesses owned by one person usually have enough funds for emergency situations. 30
30 Me, Myself & I

15. List the advantages of proprietorships40
40 Me, Myself & I

16. List the disadvantages to a proprietorship.50
50 Me, Myself & I

17. What is Mrs. Frey’s favorite color?10
10 Potpourri

18. Name three of the four members to the beatles.20
20 Potpourri

19. What is the name of Johnny Depp’s character in “Pirates of the Caribbean”?30
30 Potpourri

20. What is the square root of 169?40
40 Potpourri

21. Name all 9 of Santa’s reindeer.50
50 Potpourri

22. One advantage of owning stock is the ease to transfer ownership
True or False:
One advantage of owning stock is the ease to transfer ownership 10
10 Know That Term

23. When the owner is responsible for all business debts
When the owner is responsible for all business debts. This occurs in both proprietorships and partnerships. 20
20 Know That Term

24. This makes up about 72% of all businesses30
30 Know That Term

25. As a stockholder, if you can not attend a meeting, you may decide to register your votes by40
40 Know That Term

26. Experts believe this is likely to become one of the most popular types of business organizations.50
50 Know That Term

27. True or False: A banker or lender is more likely to make sizable loans to a sole proprietor than to a partnership. 10
10 Grab Bag

28. List the three most common forms of business ownership20
20 Grab Bag

29. Who appoints corporate officers?30
30 Grab Bag

30. A voluntary associate of two or more people acting as co-owners40
40 Grab Bag

31. True or False: The weakness of one partner may be offset by another partner’s strength.50
50 Grab Bag