{"id":3380,"date":"2023-02-22T21:28:30","date_gmt":"2023-02-22T21:28:30","guid":{"rendered":"https:\/\/course.oeru.org\/ient102\/?page_id=3380"},"modified":"2023-02-22T21:28:30","modified_gmt":"2023-02-22T21:28:30","slug":"knowledge-check","status":"publish","type":"page","link":"https:\/\/course.oeru.org\/ient102\/learning-pathways\/legal-forms-of-business\/knowledge-check\/","title":{"rendered":"Knowledge check"},"content":{"rendered":"<div id=\"content\" class=\"mw-body container\" role=\"main\">\n<div class=\"row\">\n<div class=\"col-md-12\">\n<div class=\"panel\">\n<div class=\"panel-body\">\n<div id=\"bodyContent\">\n<div id=\"mw-content-text\" lang=\"en\" dir=\"ltr\" class=\"mw-content-ltr\"><div class=\"panel iDevice WEquizMultipleChoice\">\n\t<div class=\"panel-heading idevice-heading\">\n\t\t<div>\n\t\t\t<img decoding=\"async\" class=\"pedagogicalicon\" alt=\"assessment\" src=\"https:\/\/course.oeru.org\/ient102\/wp-content\/themes\/oeru_course\/idevices\/Icon_qmark.png\">\n\t\t<\/div>\n\t\t<div>\n\t\t\t<h2>Business ownership quiz<\/h2>\n\t\t<\/div>\n\t<\/div>\n\t<div class=\"panel-body\">\n\t\t<div class=\"col-md-12\">\n\t\t\t<\/p>\n<ul>\n<li> From a legal point of view, which form of business ownership is the most complicated to set up?\n<ul>\n<li> Sole proprietorship\n<ul>\n<li> <b>Incorrect<\/b>.  This is relatively simple because only one person is involved. Try again.\n<\/li>\n<\/ul>\n<\/li>\n<li> Partnership\n<ul>\n<li> <b>Incorrect<\/b>. It is useful to have a formal partnership agreement, but this is still not the most complicated form in legal terms.\n<\/li>\n<\/ul>\n<\/li>\n<li> Corporation\n<ul>\n<li> <b>Correct<\/b>.  There are usually many laws governing the setting up and running of corporations, even for small businesses.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li> Which form of business entity involves shareholders?\n<ul>\n<li>Sole proprietorship\n<ul>\n<li><b>Incorrect<\/b>. The owner owns the business directly, as an individual.\n<\/li>\n<\/ul>\n<\/li>\n<li> Partnership\n<ul>\n<li> <b>Incorrect<\/b>. The partners own the business directly, as individuals.\n<\/li>\n<\/ul>\n<\/li>\n<li> Corporation\n<ul>\n<li> <b>Correct<\/b>. The business is owned by shareholders, who may or may not include the founder or managing director.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li> If one partner decides to leave a partnership, the partnership continues and the remaining partners simply carry on running the business as before &#8211; true or false?\n<ul>\n<li> True\n<ul>\n<li> <b>Incorrect<\/b>. The partnership is dissolved when one partner leaves.\n<\/li>\n<\/ul>\n<\/li>\n<li> False\n<ul>\n<li> <b>Correct<\/b>. The partnership is dissolved when one partner leaves.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li> Which form of business ownership provides the most continuity if the founder leaves?\n<ul>\n<li> Corporation\n<ul>\n<li> <b>Correct<\/b>. The shareholders continue to own the company and can appoint new managers and officers to replace anyone who leaves.\n<\/li>\n<\/ul>\n<\/li>\n<li> Partnership\n<ul>\n<li> <b>Incorrect<\/b>. If the founder is a partner and chooses to leave the partnership, the partnership is dissolved.\n<\/li>\n<\/ul>\n<\/li>\n<li> Sole proprietorship\n<ul>\n<li> <b>Incorrect<\/b>. There is no legal structure to continue the business if the owner\/founder decides to stop running the business.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li> Which form of business ownership gives the founder the most control and freedom over how to run their business?\n<ul>\n<li> Corporation\n<ul>\n<li> <b>Incorrect<\/b>. The Board of Directors and shareholders have ultimate control over the company.\n<\/li>\n<\/ul>\n<\/li>\n<li> Partnership\n<ul>\n<li> <b>Incorrect<\/b>. Although each individual partner is a principal and and agent of the partnership and can commit the partners by their actions, in practice a successful partnership requires consultation and agreement on important decisions affecting the business.\n<\/li>\n<\/ul>\n<\/li>\n<li> Sole proprietorship\n<ul>\n<li> <b>Correct<\/b>. A sole proprietor does not need to consult with anyone else when making decisions about the business. This can be a strength and a weakness of this form of business entity.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>\n<\/p>\n<p>\n\t\t<\/div>\n\t<\/div>\n<\/div><\/p>\n<p>\n<\/p>\n<p><!-- \nNewPP limit report\nCPU time usage: 0.030 seconds\nReal time usage: 0.035 seconds\nPreprocessor visited node count: 121\/1000000\nPreprocessor generated node count: 1060\/1000000\nPost\u2010expand include size: 12467\/2097152 bytes\nTemplate argument size: 10217\/2097152 bytes\nHighest expansion depth: 8\/40\nExpensive parser function count: 0\/100\n--><\/p>\n<p><!-- Saved in parser cache with key we_en-mw_:pcache:idhash:184530-0!*!*!*!*!2!* and timestamp 20230222212830 and revision id 1057682\n -->\n<\/div>\n<div class=\"visualClear\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"row\">\n<div class=\"col-md-12\">\n<ul class=\"pager\">\n<li class=\"previous\">\n            <a href=\"\/ient102\/learning-pathways\/legal-forms-of-business\/corporation\">\u2190 Previous<\/a>\n          <\/li>\n<li class=\"next\">\n            <a href=\"\/ient102\/learning-pathways\/legal-forms-of-business\/start-business-legalities-learning-challenge\">Next \u2192<\/a>\n          <\/li>\n<\/ul><\/div>\n<\/p><\/div>\n<div id=\"wenote-ids\"><script type='text\/javascript' id='wenotes-ids'>\n    var WEnotesSite = \"https:\/\/wikieducator.org\";\n    var WEnotesPath = \"\/Introduction_to_entrepreneurship\/IENT102\/Legalities\/Knowledge_check\";\n    var WEnotesSiteID = \"0e3d258fbd36841f92259eefcd41d5e9\";\n    var WEnotesPathID = \"273449291c65127ad8391709a87dc57d\";\n    var WEnotesIDs = { site: \"https:\/\/wikieducator.org\", path: \"\/Introduction_to_entrepreneurship\/IENT102\/Legalities\/Knowledge_check\", site_id: \"0e3d258fbd36841f92259eefcd41d5e9\", path_id: \"273449291c65127ad8391709a87dc57d\" };\n<\/script><\/div>\n<\/div>\n<footer><\/footer>\n","protected":false},"excerpt":{"rendered":"<p>\u2190 Previous Next \u2192<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":3366,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-3380","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/course.oeru.org\/ient102\/wp-json\/wp\/v2\/pages\/3380","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/course.oeru.org\/ient102\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/course.oeru.org\/ient102\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/ient102\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/ient102\/wp-json\/wp\/v2\/comments?post=3380"}],"version-history":[{"count":1,"href":"https:\/\/course.oeru.org\/ient102\/wp-json\/wp\/v2\/pages\/3380\/revisions"}],"predecessor-version":[{"id":3381,"href":"https:\/\/course.oeru.org\/ient102\/wp-json\/wp\/v2\/pages\/3380\/revisions\/3381"}],"up":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/ient102\/wp-json\/wp\/v2\/pages\/3366"}],"wp:attachment":[{"href":"https:\/\/course.oeru.org\/ient102\/wp-json\/wp\/v2\/media?parent=3380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}