Econ Ch 6

Econ Ch 6

9th - 12th Grade

20 Qs

quiz-placeholder

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Econ Ch 6

Econ Ch 6

Assessment

Quiz

Specialty

9th - 12th Grade

Medium

Created by

Kelly Gillum

Used 12+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business license is a document issued by a local government unit that allows business activities within a certain geographic area.
True
False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

One of the negative things about proprietorships is that business owners have unlimited liability for what the business does
True
False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Like the sole proprietorship, the owners of a limited liability company pay taxes on the income they receive from the business after the company pays taxes on its profits.
True
False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

One of the obstacles to forming a general partnership is that the general partnership agreement is complex with confusing restrictions that vary from state to state.
True
False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The most serious disadvantage of a general partnership is the unlimited liability of both general partners.  
True
False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A limited partner is entitled to a part of the profits but does not have management or daily responsibilities.  
True
False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

One common characteristic of limited liability partnerships is that they provide a “full shield” of protection from claims against the company.
True
False

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