What legal structure should you choose for your small business if you want to grow, sell shares to the public, and avoid personal responsibility for business liabilities? Options: Limited Liability Company, S-Corporation, C-Corporation, Sole Proprietorship.
ESB V.2 Practice Tests

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Business
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9th - 12th Grade
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Hard
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1.
FLASHCARD QUESTION
Front
Back
C-Corporation
Answer explanation
A C-Corporation is the best choice as it allows for growth, selling shares publicly, and limits personal liability. It can have foreign partners and provides the desired liability protection.
2.
FLASHCARD QUESTION
Front
Which of these is a characteristics of a successful entrepreneur mindset?
Options: Likes to argue, Lives in a dreamworld, Makes friends quickly, Doesn't give easily
Back
Doesn't give easily
Answer explanation
The correct characteristic of a successful entrepreneur mindset is that they don't give up easily, showing resilience and determination.
3.
FLASHCARD QUESTION
Front
Which is one of the greatest risks of being an entrepreneur? Options: Damage to reputation, Financial instability, No control over schedule, Loss of experience
Back
Financial instability
Answer explanation
Financial instability is one of the greatest risks of being an entrepreneur as it can lead to business failure and personal financial struggles.
4.
FLASHCARD QUESTION
Front
What is a primary benefit of starting a new business without purchasing a franchise or buying an existing business?
Back
Developing your own rules
Answer explanation
The primary benefit of starting a new business without purchasing a franchise or buying an existing business is developing your own rules, allowing for more flexibility and creativity in decision-making.
5.
FLASHCARD QUESTION
Front
What is Entrepreneurship?
Back
Setting up a business with the aim to make a profit
Answer explanation
Entrepreneurship is the act of setting up a business with the aim to make a profit, making it the correct choice among the options provided.
6.
FLASHCARD QUESTION
Front
What legal structure should you set up for your small business if you want benefits of large corporations, avoid double taxation, have four partners as shareholders, and seek protection from business liabilities? Options: Sole Proprietorship, C-Corporation, Limited Liability Company, S-Corporation
Back
S-Corporation
Answer explanation
An S-Corporation provides limited liability protection like a C-Corporation but avoids double taxation by passing income through to shareholders. It is suitable for small businesses with a few shareholders.
7.
FLASHCARD QUESTION
Front
An example of ________ compensation is paying field laborers for the amount of fruit they pick.
Back
Piece Work
Answer explanation
Piece Work compensation involves paying workers based on the quantity of work completed, such as paying field laborers for the amount of fruit they pick.
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