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
To form a Corporation
10 Corp., Inc, Co.

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

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

6. Who elects the board of directors?50
Stockholders
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
True
10 Partner Up

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

10. List two disadvantages of partnerships?40
Unlimited liability, disagreement among partners, bound by contracts of others
40 Partner Up

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

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

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

15. List the advantages of proprietorships40
Flexibility, Retain all profits, Limited red tap, Ease of start-up/close
40 Me, Myself & I

16. List the disadvantages to a proprietorship.50
Must have all skills and abilities,
lack funds, bears all losses, illness or death may close the business
50 Me, Myself & I

17. What was the score of the Giants game on Sunday night?10
31 to 28 Cowboys
10 Potpourri

18. Name three of the four members to the beatles.20
John Lennon, Ringo Star, Paul McCartney, George Harrison
20 Potpourri

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

20. What is the square root of 169?40 13
40 Potpourri

21. Dasher, Dancer, Prancer, Vixen, Comet, Cupid, Donner, Blitzen, Rudolf
Name all 9 of Santa’s reindeer. 50
Dasher, Dancer, Prancer, Vixen, Comet, Cupid, Donner, Blitzen, Rudolf
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
True
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
Unlimited Liability
20 Know That Term

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

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

26. Limited-Liability Corporation (LLC)
Experts believe this is likely to become one of the most popular types of business organizations. 50
Limited-Liability Corporation (LLC)
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
False
10 Grab Bag

28. List the three most common forms of business ownership20
Corporations
Partnerships
Sole Proprietorships
20 Grab Bag

29. Who appoints corporate officers?30
The Board of Directors
30 Grab Bag

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

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