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Takk 2024 Unit 3 Exam Study Guide

Takk 2024 Unit 3 Exam Study Guide

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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59 questions

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1.

FLASHCARD QUESTION

Front

Business Owned by a Single Individual

Back

Sole Proprietor

2.

FLASHCARD QUESTION

Front

Sole Proprietorship business has

Back

unlimited liability

3.

FLASHCARD QUESTION

Front

To start a partnership business, what should be the minimum number of partners?

Back

2

4.

FLASHCARD QUESTION

Front

In partnership, partners liabilities are

Back

Unlimited

5.

FLASHCARD QUESTION

Front

Unlimited liability means

Back

the owners' personal possessions can be used to cover the firm's debts

6.

FLASHCARD QUESTION

Front

Decision is taken in partnership firm

Back

Mutually ( all partners together)

7.

FLASHCARD QUESTION

Front

Which of the following is an advantage of being in a partnership? Ideas and decision making can be shared, The most senior partner has responsibility for running the business, Partners can have responsibility for many different areas of the business, Each partner gets the same share of the profits

Back

Ideas and decision making can be shared

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