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What makes a corporation different from a sole proprietorship?
It is owned by one person
It has limited liability
It sells fruit
Owners must live together
It has limited liability ✔️
What is a Benefit Corporation (B-Corp)?
A business that only helps animals
A business that focuses on profit AND helping society
A business that does not pay workers
A business that cannot make money
A business that focuses on profit AND helping society ✔️
Team with correct points get additional 100 Points:
What do non-profits do with extra money they make?
Give it to owners
Spend it on vacations
Keep it for the mission/cause
Hide it
Keep it for the mission/cause
A business owned by one person is called a…
A. Partnership
B. Corporation
C. Sole Proprietorship
D. Franchise
C. Sole Proprietorship ✔️
Who owns a corporation?
Customers
Government
Shareholders
Workers only
Shareholders ✔️
Which statement about an LLC is true?
Owners are personally responsible for business debts
Owners have limited liability
Only one person can own it
It cannot make money
Owners have limited liability ✔️
Team with the correct answer receives double points: Which is a main goal of a B-Corp?
Make profit only
Help society and protect the environment
Give away all money
Hire no workers
Help society and protect the environment ✔️
Which business type is easiest to start?
Corporation
Franchise
Sole Proprietorship
Partnership
Sole Proprietorship ✔️
Who owns a cooperative (Co-op)?
The people who use the business
Investors only
A celebrity
One single owner
The people who use the business
Double Points:
Which business type is legally recognized as a separate "person from its owner?
Sole Proprietorship
Partnership
Corporation
Cooperative
Corporation
What is the main goal of a non-profit organization?
To maximize profit for owners
To help a cause or community
To help only the owners
To avoid taxes
To help a cause or community
In a partnership, who owns the business?
One person
Two or more people
Only customers
The government
Two or more people ✔️
Which business type has the most rules and paperwork?
Sole Proprietorship
Corporation
Partnership
Franchise
Corporation ✔️
What is an LLC (Limited Liability Company)?
A company that sells candy only
A business that gives owners limited liability
A company run by the government
A company with no owners
A business that gives owners limited liability ✔️
Why do people join cooperatives?
To share benefits and costs
To compete with each other
To avoid making money
To give up ownership
To share benefits and costs
Which business type is owned and democratically controlled by its members, usually through voting?
Corporation
B-Corp
S-Corp
Cooperative
Cooperative
What is a disadvantage of a sole proprietorship?
Profits must be shared
Limited liability
Unlimited liability
Requires many owners
Unlimited liability ✔️
Double Points for team who gets it right, -500 for team who gets it wrong:
Which organization must reinvest all leftover money into its mission instead of paying owners?
S-Corp
B-Corp
Corporation
Non-Profit
Non-Profit
If you get the question correct you can swap points with the other team:
In a corporation, who receiveds profits after the company pays taxes and expenses?
Employees through wages
CEO only
Government programs
Shareholders
Shareholders
Whichever team gets the question wrong looses 500 points:
A company that donates heavily to charity but keeps profit for owner is most likely a
non-profit organization
benefit corp
cooperative
franchise
benefit corp