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Economics Chapter 3 Quiz

Authored by Cori Nichols

Social Studies

9th - 12th Grade

10 Questions

Used 293+ times

Economics Chapter 3 Quiz
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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business organization owned by one person is called:

Limited Partnership

Sole Proprietorship

Corporation

General Partnership

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The most common form of business organization in the United States is:

Limited Partnership

Sole Proprietorship

Corporation

General Partnership

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The owners of a corporation are known as:

Shareholders

Stockholders

Stakeholders

Board of Directors

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is NOT a disadvantage of a sole proprietorship:

Limited Life

Difficulty raising financial capital

Limited Liability

Long Hours

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This means that the owner(s) is/are personally and financially responsible for the losses of a business:

Financial Capital

Repossession

Business Hardships

Unlimited Liability

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Law firms and doctors offices are usually categorized under what type of business organization:

Partnership

Corporation

Sole Proprietorship

Franchise

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This means that the business no longer exists when the owner dies, quits or sells:

Limited Life

Limited Liability

Limited Contract

Limited Proprietorship

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