Forms of Business Ownership
問題一覧
1
Ken and Tracy plan to establish and operate a restaurant together, in which the withdrawal of either side would not lead to its closure. Which form of business ownership should they adopt?
private limited company
2
The following are the differences in characteristics of two partners in a partnership:
Partner A Partner B
Bering of liabilities Not required Required
Introduction of capital Not required Required
Involvement in daily operations Not required Not required
Partner A is a ( 1 ) partner, while Partner B is a ( 2 ) partner.
(1) nominal, (2) limited
3
Which of the following is/are difference(s) between a sole proprietorship and a general partnership?
Sole proprietorship General partnership
(1) Decision- making process Shorter Longer
(2) Profits tax rate Lower Higher
(3) Liability borne Unlimited Limited
(1) only
4
Which of the following statements about the Ocean Park Corporation, a public corporation in Hong Kong, are correct?
(1) It is listed on the Hong Kong Stock Exchange.
(2) Its board of directors is appointed by the government.
(3) It is self-sufficient financially.
(2) and (3) only
5
Which of the following statements about a partnership is/are correct?
(1) There is no limited partner in a general partnership.
(2) Limited partnership is a legel entity separate from its owners.
(3) All partners in a limited partnership only have limited liability.
(1) only
6
Compared to a public limited company, which of the following is/are the advantage(s) of a private limited company?
(1) is subject to less government supervision
(2) does not need to distribute dividends to shareholders
(3) obtain financing more easily
(1) only
7
Compared to a sole proprietorship, which of the following is/are the advantage(s) of a limited company?
(1) The business will not be closed upon withdrawal or death of the owner(s)
(2) The setup cost is lower
(3) The profits tax rate is lower
(1) only
8
From the point of view of a franchiser, which of the following is/are the shortcoming(s) of running a business in the form of franchising?
(1) Franchisee may set up his own business to become a competitor.
(2) It is difficult to wholly control the operation style of franchisee(s).
(3) If a franchisee manages his business poorly, the reputation of the whole franchise business will be affected.
(1), (2) and (3)
9
Which of the following statements about a nominal partner is/are correct?
(1) He is liable for the debts of the partnership.
(2) He takes part in the operation of the partnership.
(3) His reputation helps promote the partnership’s business.
(3) only
10
Which of the following is/are the characteristic(s) of multinational corporations located in Hong Kong?
(1) Their operations also take place outside Hong Kong.
(2) They are listed on the stock exchange of Hong Kong.
(3) They have more than 100 employees.
(1) only
11
Which of the following descriptions of joint ventures in Hong Kong is correct?
A joint venture is an entity independent from all its partners.
12
Which of the following statements about business ownership are correct?
(1) Public corporations are wholly owned by the Government.
(2) The minimum number of shareholders of a limited company is 2.
(3) A nominal partner is not the owner of the partnership.
(1) and (3) only
13
A _______________ is easier to set up and enjoy a relatively low tax rate in Hong Kong. All owners are liable for the business decisions of one another in this entity.
partnership
14
A limited partner_____________________________.
does not take part in the management of a partnership
15
Which of the following is/are the characteristic(s) of public corporation?
(1) Its losses are borne by taxpayers.
(2) It is operated on a commercial basis.
(3) The government is involved in its daily operations.
(2) only
16
Which of the following statements about limited companies in Hong Kong is/are correct?
(1) A limited company is a separate legal entity.
(2) Limited companies enjoy a lower profits tax rate than sole proprietorships.
(3) Limited companies are required to publish their financial statements in a newspaper.
(1) only
17
Which of the following descriptions about a franchised shop is correct?
operates under the authorization of franchisor
18
All the owners of a business enjoy limited liability. Although the business has no regulatory obligation to disclose its financial reports, it still publishes these reports via the internet each year. The business is a
private limited company
19
Which of the following statements is correct?
A public corporation is owned by the government.
20
Based on the following information, answer Question 14:
Ms Cheung is working in a long-established grocery store. She plans to resign to establish her own grocery store. Mr Sze, aged 62, is the employer of Ms Cheung. He wants to retire and invites Ms Cheung to take over his store.
Compared with establishing a new store, which of the following is the benefit to Ms Cheung of taking over Mr Sze's store?
acquire existing customer source
21
Which of the following are the roles of small and medium enterprises in Hong Kong's economy?
(1) create employment
(2) widen the variety of products offered
(3) promote competition
(1), (2) and (3)
22
Which of the following is/ are the benefit(s) of buying a company's ordinary shares over buying its debentures?
(1) avoid total loss of investment
(2) have voting rights in the annual general meeting
(3) guarantee higher returns
(2) only
23
Which of the following descriptions of business ownership is correct?
A sole proprietorship does not have a separate legal entity status.
24
Which of the following is the difference between small and medium enterprises (SMEs) and multinational corporations (MNCs) in Hong Kong?
SMEs have limited sources of financing while MNCs have more sources of financing.
25
Which of the following statements are correct descriptions of the differences between bondholders and shareholders?
(1) Shareholders have voting rights and bondholders do not.
(2) Shareholders are the owners of a company and bondholders are creditors.
(3) Shareholders are repaid prior to bondholders when the company is liquidated.
(4) Shareholders receive variable interest income whereas bondholders receive fixed amounts of interest at regular intervals.
(1) and (2) only
26
If you set up a business with your friend as a partnership, which of the following benefits would you enjoy?
(1) You may bear limited liability.
(2) The company would exist as a separate legal entity.
(3) Management expertise offered by a board of directors.
(4) Company information needs not be disclosed to the public.
(1) and (4) only
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1
Ken and Tracy plan to establish and operate a restaurant together, in which the withdrawal of either side would not lead to its closure. Which form of business ownership should they adopt?
private limited company
2
The following are the differences in characteristics of two partners in a partnership:
Partner A Partner B
Bering of liabilities Not required Required
Introduction of capital Not required Required
Involvement in daily operations Not required Not required
Partner A is a ( 1 ) partner, while Partner B is a ( 2 ) partner.
(1) nominal, (2) limited
3
Which of the following is/are difference(s) between a sole proprietorship and a general partnership?
Sole proprietorship General partnership
(1) Decision- making process Shorter Longer
(2) Profits tax rate Lower Higher
(3) Liability borne Unlimited Limited
(1) only
4
Which of the following statements about the Ocean Park Corporation, a public corporation in Hong Kong, are correct?
(1) It is listed on the Hong Kong Stock Exchange.
(2) Its board of directors is appointed by the government.
(3) It is self-sufficient financially.
(2) and (3) only
5
Which of the following statements about a partnership is/are correct?
(1) There is no limited partner in a general partnership.
(2) Limited partnership is a legel entity separate from its owners.
(3) All partners in a limited partnership only have limited liability.
(1) only
6
Compared to a public limited company, which of the following is/are the advantage(s) of a private limited company?
(1) is subject to less government supervision
(2) does not need to distribute dividends to shareholders
(3) obtain financing more easily
(1) only
7
Compared to a sole proprietorship, which of the following is/are the advantage(s) of a limited company?
(1) The business will not be closed upon withdrawal or death of the owner(s)
(2) The setup cost is lower
(3) The profits tax rate is lower
(1) only
8
From the point of view of a franchiser, which of the following is/are the shortcoming(s) of running a business in the form of franchising?
(1) Franchisee may set up his own business to become a competitor.
(2) It is difficult to wholly control the operation style of franchisee(s).
(3) If a franchisee manages his business poorly, the reputation of the whole franchise business will be affected.
(1), (2) and (3)
9
Which of the following statements about a nominal partner is/are correct?
(1) He is liable for the debts of the partnership.
(2) He takes part in the operation of the partnership.
(3) His reputation helps promote the partnership’s business.
(3) only
10
Which of the following is/are the characteristic(s) of multinational corporations located in Hong Kong?
(1) Their operations also take place outside Hong Kong.
(2) They are listed on the stock exchange of Hong Kong.
(3) They have more than 100 employees.
(1) only
11
Which of the following descriptions of joint ventures in Hong Kong is correct?
A joint venture is an entity independent from all its partners.
12
Which of the following statements about business ownership are correct?
(1) Public corporations are wholly owned by the Government.
(2) The minimum number of shareholders of a limited company is 2.
(3) A nominal partner is not the owner of the partnership.
(1) and (3) only
13
A _______________ is easier to set up and enjoy a relatively low tax rate in Hong Kong. All owners are liable for the business decisions of one another in this entity.
partnership
14
A limited partner_____________________________.
does not take part in the management of a partnership
15
Which of the following is/are the characteristic(s) of public corporation?
(1) Its losses are borne by taxpayers.
(2) It is operated on a commercial basis.
(3) The government is involved in its daily operations.
(2) only
16
Which of the following statements about limited companies in Hong Kong is/are correct?
(1) A limited company is a separate legal entity.
(2) Limited companies enjoy a lower profits tax rate than sole proprietorships.
(3) Limited companies are required to publish their financial statements in a newspaper.
(1) only
17
Which of the following descriptions about a franchised shop is correct?
operates under the authorization of franchisor
18
All the owners of a business enjoy limited liability. Although the business has no regulatory obligation to disclose its financial reports, it still publishes these reports via the internet each year. The business is a
private limited company
19
Which of the following statements is correct?
A public corporation is owned by the government.
20
Based on the following information, answer Question 14:
Ms Cheung is working in a long-established grocery store. She plans to resign to establish her own grocery store. Mr Sze, aged 62, is the employer of Ms Cheung. He wants to retire and invites Ms Cheung to take over his store.
Compared with establishing a new store, which of the following is the benefit to Ms Cheung of taking over Mr Sze's store?
acquire existing customer source
21
Which of the following are the roles of small and medium enterprises in Hong Kong's economy?
(1) create employment
(2) widen the variety of products offered
(3) promote competition
(1), (2) and (3)
22
Which of the following is/ are the benefit(s) of buying a company's ordinary shares over buying its debentures?
(1) avoid total loss of investment
(2) have voting rights in the annual general meeting
(3) guarantee higher returns
(2) only
23
Which of the following descriptions of business ownership is correct?
A sole proprietorship does not have a separate legal entity status.
24
Which of the following is the difference between small and medium enterprises (SMEs) and multinational corporations (MNCs) in Hong Kong?
SMEs have limited sources of financing while MNCs have more sources of financing.
25
Which of the following statements are correct descriptions of the differences between bondholders and shareholders?
(1) Shareholders have voting rights and bondholders do not.
(2) Shareholders are the owners of a company and bondholders are creditors.
(3) Shareholders are repaid prior to bondholders when the company is liquidated.
(4) Shareholders receive variable interest income whereas bondholders receive fixed amounts of interest at regular intervals.
(1) and (2) only
26
If you set up a business with your friend as a partnership, which of the following benefits would you enjoy?
(1) You may bear limited liability.
(2) The company would exist as a separate legal entity.
(3) Management expertise offered by a board of directors.
(4) Company information needs not be disclosed to the public.
(1) and (4) only