

Business Ownership Types Flashcard
Flashcard
•
Computers
•
10th Grade
•
Practice Problem
•
Hard
Wayground Content
FREE Resource
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16 questions
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1.
FLASHCARD QUESTION
Front
What is one advantage of forming a corporation?
Back
Protection from personal liability
2.
FLASHCARD QUESTION
Front
Which business structure may involve double taxation? Options: Sole proprietorship, Partnership, Corporation, S corporation
Back
Corporation
3.
FLASHCARD QUESTION
Front
Fill in the blank: The easiest and most common form of business ownership for small business owners is ____.
Back
Sole proprietorship
4.
FLASHCARD QUESTION
Front
What type of legal responsibility do business owners have to address employee on-the-job injuries?
Back
Worker’s compensation
5.
FLASHCARD QUESTION
Front
What is the BEST way to protect personal property from business financial obligations?
Back
Seek legal counsel and choose the right legal structure
6.
FLASHCARD QUESTION
Front
What type of insurance protects a business from claims of wrongdoing? Options: Exchange of Value, Professional, General liability, Small business
Back
General liability
7.
FLASHCARD QUESTION
Front
What legal action protects personal assets from business liabilities?
Back
Incorporation
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