Business Structures Flashcards

Business Structures Flashcards

Assessment

Flashcard

Business

12th Grade

Easy

Created by

Iman Waraich

Used 1+ times

FREE Resource

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100 questions

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1.

FLASHCARD QUESTION

Front

Main benefit of a sole proprietorship

Back

Complete control over business decisions

2.

FLASHCARD QUESTION

Front

In a partnership, who is responsible for business decisions and functions

Back

Both partners equally

3.

FLASHCARD QUESTION

Front

True statement about a corporation

Back

It is a separate legal entity from its owners

4.

FLASHCARD QUESTION

Front

Key characteristic of a C Corporation

Back

It is taxed separately from its owners

5.

FLASHCARD QUESTION

Front

Type of corporation that allows income, losses, deductions, and credits to pass directly to shareholders

Back

S Corporation

6.

FLASHCARD QUESTION

Front

Primary feature of a Limited Liability Company (LLC)

Back

Owners’ personal assets are protected from business debts

7.

FLASHCARD QUESTION

Front

In a franchise, the franchisee is

Back

The company that owns the product or service

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