Chp 7 quiz

Chp 7 quiz

KG - 1st Grade

21 Qs

quiz-placeholder

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Chp 7 quiz

Chp 7 quiz

Assessment

Quiz

Social Studies

KG - 1st Grade

Medium

CCSS
HSA.CED.A.4, HSF-LE.A.1B

Standards-aligned

Used 3+ times

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21 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

A form of business in which there is only own owner is referred to as a

Corporation
Partnership
Sole Proprietorship
Franchise

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

_______ is the concept that an owner's personal assets can be used to pay the bills of the business.

Unlimited liability
Limited liability
Limited debt
Total revenue

3.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Most of the dollar sales in the United States are earned by

Proprietorships
Partnerships
Entrepreneurs
Corporations

4.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Disadvantages include limited life and
the potential for conflict between partners

Sole Proprietorship
Partnership
Corporation
Conglomerate

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An advantage of a corporation is that

owners pay fewer taxes than owners of other forms of business.
the business is subject to little government regulation.
owners have limited liability for debt.
owners have direct and immediate control over daily management of the business.

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Barry and two associates have been operating a business that is not going well. Barry is stressed out because the company is over $200,000 in debt and he knows that if it goes out of business, he and his two associates will have to pay it out of their own pockets. It sounds like Barry and his two associates have a 

partnership.
corporation.
sole proprietorship.
stock.

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

Which of the following is the best definition of REVENUE?

The total amount of income a business makes from selling products or services
The amount of money a business has LEFT over after paying for their costs.
The total amount of money a business spends.
The amount of money a business loses every month.

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