Unit 3 Review
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
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1.
FLASHCARD QUESTION
Front
Which type of business structure is easiest to establish? Options: B-Corp, Sole proprietorship, C-Corp, LLC
Back
Sole proprietorship
2.
FLASHCARD QUESTION
Front
What is a disadvantage of starting a sole proprietorship?
Back
You are personally liable
3.
FLASHCARD QUESTION
Front
Which type of business is the most profitable, and why? Options: Corporations - because they can raise large amounts of capital and scale more effectively. Partnerships - because they share costs and responsibilities among partners. Sole proprietorships - because they are owned by one person who keeps all the profits. Sole proprietorships - because they have lower tax rates than other business types.
Back
Corporations - because they can raise large amounts of capital and scale more effectively.
4.
FLASHCARD QUESTION
Front
What is a non-profit organization?
Back
An entity that operates for purposes other than making a profit.
5.
FLASHCARD QUESTION
Front
What is a disadvantage of a corporation?
Back
Must pay personal income tax AND business income tax
6.
FLASHCARD QUESTION
Front
A group of individuals forming a company for everyone’s benefit
Back
A partnership
7.
FLASHCARD QUESTION
Front
What is a nonprofit organization?
Back
A business that does not seek to make a profit
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