Forms Of Business Organization - JSS1 Business studies Past Questions and Answers - page 1
1
Which of the following is the simplest form of business organization?
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A
Partnership
B
Limited Liability Company
C
Sole Proprietorship
2
In a sole proprietorship, who owns and operates the business?
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A
Multiple individuals
B
Single individual
C
Government
3
What is a characteristic feature of sole proprietorship?
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A
Limited liability
B
Shared ownership
C
Unlimited liability
4
Which business organization offers the most direct control over decision-making?
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A
Partnership
B
Limited Liability Company
C
Sole Proprietorship
5
In a partnership, how many individuals typically own the business?
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A
One
B
Two or more
C
None
6
What is a key disadvantage of partnership?
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A
Limited access to capital
B
Limited liability
C
Flexibility in management
7
Limited liability company (LLC) offers owners:
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A
Unlimited liability
B
Limited liability
C
Shared ownership
8
Which business structure combines the flexibility of a partnership with the limited liability of a corporation?
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A
Sole Proprietorship
B
Cooperative Society
C
Limited Liability Company (LLC)
9
What is a characteristic feature of cooperative societies?
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A
What is a characteristic feature of cooperative societies?
B
Voluntary association
C
Unlimited liability
10
In a cooperative society, who has equal voting rights in decision-making?
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A
Members
B
Managers
C
Government
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