business organization owned by two or more persons who agree on a specific division of responsibilities and profits. unincorporated business owned and run by a single person who has rights to all profits and unlimited liability for all debts of the firm; most common form of business organization in the United States, requirement that an owner is personally and fully responsible for all losses and debts of a business; applies to proprietorships, and general partnerships, stock of goods held in reserve; includes finished goods waiting to be sold and raw materials to be used in production, situation in which a firm legally ceases to exist when an owner dies or quits, or a new owner is added; applies to sole proprietorships and partnerships, unincorporated business owned and operated by two or more people who share the profits and have unlimited liability for the debts and obligations of the firm, form of partnership where all partners are jointly responsible for management and debts, form of partnership where one or more partners are not active in the daily running of the business, and whose liability for the partnership's debt is restricted to the amount invested in the business, form of business organization recognized by law as a separate legal entity with all the rights and responsibilities of an individual, including the right to buy and sell property, enter into legal contracts, and to sue and be sued, written government approval to establish a corporation; includes company name, address, purpose of business, number of shares of stock, and other features of the business, certificate of ownership in a corporation; can be either common or preferred stock, people who own a share or shares of stock in a corporation; same as shareholders, check paid to stockholders, usually quarterly, representing a portion of corporate profits, most basic form of corporate ownership, generally with one vote per share for stockholders, form of stock with no voting privileges; has a higher claim on corporate income and assets than does common stock, formal contract to repay borrowed money and interest on the borrowed money at regular future intervals, amount borrowed when getting a loan or issuing a bond, payment made for the use of borrowed money; usually paid at periodic intervals for long-term bonds or loans, feature of taxation that allows stockholders' dividends to be taxed both as corporate profit and as personal income, business investment that involves renting or leasing another successful business model, creator and owner of the business model that is rented or leased by investors, person that invests in the business model of the franchisor with his or her own money and start-up costs. THREE FORMS OF BUSINESS T-1. A form of business organization wherein two or more persons bind themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profits among themselves is … 1. form of partnership where all partners are jointly responsible for management and debts. Types of Business Organization Self-Paced Overview Types of Business Organization It is important that the business owner seriously considers the different forms of business organization—types such as sole proprietorship, part-nership, and corporation. Ex. A. If you are a student of Class 11 who is using NCERT Textbook to study Business Studies, then you must come across chapter 2 Forms of business organisation. There are two kinds of partnerships. Name two types of business … Goals & Objectives. Open the PowerPoint Slides and project them on a screen. Q. Worksheet 1 TYPES OF BUSINESS ORGANIZATIONS SOLE PROPRIETORSHIP / SOLE TRADER (INDIVIDUALI ĮMONĖ) The sole proprietorship is a business owned and run by person.Although the most numerous of all business organizations, sole proprietorships generally are the smallest in size. 2)Describe the sole proprietorship and partnership forms of organization, and specify the advantages and disadvantages. B. Explain the factors to be considered for the choice of form of organization for starting a business. Instructional Procedures. The business only employs one person. Write the name of form of business organization found only in India. corporation. -account for 7% of all businesses. 1. After you have studied lesson, you must be looking for answers of its questions. The ownership of a corporation is represented by the number of shares stockholders own. Types of Business Organizations - Chapter Summary and Learning Objectives Questions and Answers . A. business operated by 2 or more people B. business operated by 2 or more stockholders C. business operated by 2 or more other companies D. business operated by 1 person 5. Today’s lesson will use the chocolate candy industry to help them understand the costs and benefits of each type of organization. Easy to start. Q. What are the two forms of partnerships? The owner has unlimited liability for all debts of the business, which means that personal assets of the proprietor can be used to repay any losses incurred by the business. The factor is the financial resources needed to start and expand a business. Decide whether this factor is a cost or benefit to a sole proprietor, a partnership and a corporation, and give a brief explanation for your answer. For each of the following businesses identify the factors of production used in the production process, state whether the business is capital-intensive or labour-intensive and explain your answer: i. Sole Proprietorship. Q. Learners answer questions relating to corporations, sole proprietorships, and franchises. Sole proprietorship is owned and managed by one person. 7. limited liability - lose only your investment. Partnerships are the _____common business organization in the U.S. A. least B. most C. abundant D. none of the above 6. Proprietorship: Is a form of business in which there is one owner. Cost and ease in setting up the organization: Sole proprietorship is least expensive and can be formed without any legal formalities to be fulfilled. 2. … 1. Forms of Business Organisation NCERT Solution MCQ Answer. Choose which answer is NOT an advantage of a sole proprietorship. form of business organization … A sole proprietorship can retain all the profits. form of partnership where one or more partners are not active in the daily running of the business, and whose liability for the partnership's debt is restricted to the amount invested in the business. ... After all the students have entered in their responses, they will have the opportunity to answer a more specific prompt about business … 2. Answer: (a) Beauty Saloon: Sole Proprietor is the right form of business because: It needs limited capital. ADVANTAGES OF PROPRIETORSHIP: 1. The following factors are important for taking decision about form of organization: 1. -generate 10% of all income. IGCSE Business Studies: Questions and Answers 3 Chapter 1.3 Factors of Production Questions a. The legal entity can be in any form of a business organization. 1)Identify the questions to ask in choosing the appropriate form of ownership for a business. Showing 1 - 32 of ... For Students 11th - 12th. CHOICE OF FORM OF BUSINESS ORGANISATION. A. 1. the charter. Modeling. Question 1: The structure in which there is separation of ownership and management is called. The business is owned by one person. Which organizational form is most appropriate can be influenced by tax issues, legal issues, financial concerns, and personal concerns. • The students will watch a PowerPoint presentation that explains the types of businesses. Q. a cost or benefit in each of the three types of organizations. unincorporated business owned and run by a single person who has rights to all profits and unlimited liability for all debts of the firm; most common form of business organization in the United States, requirement that an owner is personally and fully responsible for all losses and debts of a business; applies to proprietorships and general partnerships, stock of goods held in reserve; includes finished goods waiting to be sold and raw materials to be used in production, situation in which a firm legally ceases to exist when an owner dies or quits, or a new owner is added; applies to sole proprietorships and partnerships, unincorporated business owned and operated by two or more people who share the profits and have unlimited liability for the debts and obligations of the firm, form of partnership where all partners are jointly responsible for management and debts, form of partnership where one or more partners are not active in the daily running of the business, and whose liability for the partnership's debt is restricted to the amount invested in the business, form of business organization recognized by law as a separate legal entity with all the rights and responsibilities of an individual, including the right to buy and sell property, enter into legal contracts, and to sue and be sued, written government approval to establish a corporation; includes company name, address, purpose of business, number of shares of stock, and other features of the business, certificate of ownership in a corporation; can be either common or preferred stock, people who own a share or shares of stock in a corporation; same as shareholders, check paid to stockholders, usually quarterly, representing a portion of corporate profits, most basic form of corporate ownership, generally with one vote per share for stockholders, form of stock with no voting privileges; has a higher claim on corporate income and assets than does common stock, formal contract to repay borrowed money and interest on the borrowed money at regular future intervals, amount borrowed when getting a loan or issuing a bond, payment made for the use of borrowed money; usually paid at periodic intervals for long-term bonds or loans, feature of taxation that allows stockholders' dividends to be taxed both as corporate profit and as personal income, business investment that involves renting or leasing another successful business model, creator and owner of the business model that is rented or leased by investors, person that invests in the business model of the franchisor with his or her own money and start-up costs. … Chapter 8: Business Organization Reading Essentials and Study Guide Lesson 2 Business Growth and Expansion, Continued When a firm reinvests cash flows in a business, the firm can produce new or additional products. In the U.S., the three types of business organizations are sole proprietorships, partnerships, and corporations. Sole Proprietor: Cost because sole proprietors generally must rely on their financial resources to start and expand their business. D. There is a single firm in the industry. Horizontal Merger. limited partnership. A sole proprietorship is a business with one owner, and is relatively easy to form. Corporation: Is an organization of people legally bound together by a charter to conduct some type of business. Three common forms of business organizations are sole proprietorship, partnership and corporation.

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