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Entrepreneurship Spring Final Review

Authored by Stephanie Dangelo

Life Skills

9th - 12th Grade

Used 4+ times

Entrepreneurship Spring Final Review
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42 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A corporation is a legal structure in which the business is considered an "entity" under law.

true

false

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Legal structure is

the type of business ownership set up for the business.

the business that is considered an "entity" under the law.

the payment that corporations make to their shareholders as a share of the profit.

a business owned, controlled, and operated by people who use its services.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A partnership is two or more individuals that share the management, profit, and liability of a business.

true

false

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

To set up a corporation in accordance with the laws where the business is located means to

incorporate.

create a cooperative

create a corporation,

none of these

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A cooperative is a business owned, controlled, and operated by people who use its services.

true

false

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A limited liability company

combines the liability benefits of a corporation with the tax benefits of a sole proprietorship or partnership.

is a business owned, controlled, and operated by people who use its services.

operates not to provide profit for its shareholders, but to serve the good of the society.

is a type of business owned by a single shareholder.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Expenses are things you will have to purchase to keep the business running.

true

false

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