Business Ownership - FACTORY ESCAPE GAME

THE MISSION

You've been recruited to assist in rescuing your classmates from an abandoned factory. To succeed, you'll need to sucessfully complete several missions and decipher the code.

FACTORY ESCAPE GAME

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Intro to BusinessChapter 5 : Business Ownership

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THE base

QUESTION 1/6

Sole Proprietorship

The most common type of business in the United States is a:

Corporation

QUESTION 2/6

Corporation

Which type of business ownwership is known for double taxation

Partnership

QUESTION 3/6

Board of Directors

A corporation is owned by the:

Stockholders

QUESTION 4/6

Ease to start

An advantage of a corporation over sole proprietorships and partnerships is:

Limited liability

QUESTION 5/6

Partnership

This type of business ownership is formed because individuals seek mutual benefits:

Cooperative

QUESTION 6/6

This type of business ownership is formed to benefit a social cause and uses its income to achieve its ultimate goal

Nonprofit

Corporation

THE base

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QUESTION 1/3

corporation

What type of business ownership has the following: ADVANTAGES 1. Limited liability 2. Easy to raise money

partnership

DISADVANTAGES 1. Difficult and costly to form 2. Double taxation 3. More regulatons

sole proprietorship

QUESTION 2/3

partnership

What type of business ownership has the following: ADVANTAGES 1. Easiest to start and end 2. Low start up costs 3. All profits belong to the owner 4. Full control DISADVANTAGES 1. Unlimited liability 2. Higher change of running out of money

sole proprietorship

corporation

QUESTION 3/3

Partnership

What type of business ownership has the following: ADVANTAGES 1. Easy to start 2. Low start up costs 3. Shared decison making DISADVANTAGES 1. Unlimited liability 2. Potential conflict 3. If one person makes a mistake, all owners are responsible

corporation

sole proprietorship

the base

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QUESTION 1/3

Based on the scenario below, which type of business ownership is best Dan is a Pediatrician. His friends Erica and Frank are also Pediatricians. The three friends have recently completed their residency and are interested in opening their own practice. The friends are willing to equally share in the risk and rewards of starting the business and are confident they will be in business for decades.

Limited Liablity Compnay LLC

Partnership

Sole proprietorship

QUESTION 2/3

LLC

Based on the scenario below, which type of business ownership is best Alex wants to invest his life savings into a comic book store. He is a risk taker. He doesn’t get along well with others. He would prefer to be his own boss.

Partnership

sole proprietorship

QUESTION 3/3

Based on the scenario below, which type of business ownership is best Brittany wants to open a nail salon with her friend Carla Brittany and Carla will invest the same amount of money. The girls have been friends since childhood and rarely disagree. Brittany is worried about what will happen if the business fails.

Partnership

LLC

Corporation

the base

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QUESTION 1/3

Corporation

Identify the type of business ownership for this QR code

Cooperative

Joint Venture

Nonprofit

QUESTION 2/3

Corporation

Identify the type of business ownership for this QR code

Partnership

Franchise

Nonprofit

QUESTION 3/3

Partnership

Identify the type of business ownership for this QR code

Sole proprietorship

Franchise

Cooperative

the base

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Mission Complete

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