
Chapter 3.2 Quiz
Authored by Elena Charles
Other
9th Grade
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22 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The legal obligation of a business owner to use personal money and possessions to pay the debts of the business is known as ________________________
dividend
franchise
corporation
liability
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following terms means the owner of the business can be legally forced to use personal money to pay debts of the business?
limited liability
legal liability
unlimited liability
liability
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following terms means that the owner of the business cannot be forced to use personal money and possessions to pay business debts?
unlimited liability
legal liability
limited liability
liability
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
True or False--The level of liability for a business owner depends on the type of ownership structure of the business.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following forms of business organization is defined as a business in which a single individual owns the business?
sole proprietorship
partnership
corporation
S Corporation
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following forms of business organization comprise the majority of businesses in the United States?
sole proprietorship
partnership
corporation
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an advantage of organizing a business as a sole proprietorship?
Difficult to raise capital
Ease of formation
Unlimited liability
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