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Economics: Micro 3

Authored by Tracy Dozier

Social Studies

9th - 12th Grade

Used 15+ times

Economics: Micro 3
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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An owner of a sole Proprietorship is personality liable for all assets

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A sole proprietorship has to share their profits with a partner

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Unlimited liability means?

The owner is personally liable to cover business debts and any costs the business can not cover

The owner(s) do not have to cover all business costs personally in the case of them being sued or going into debt

A corporation is not responsible for taking care of lawsuits

A sole Proprietorship will have enough money and coverage to pay any and all debts

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Limited Liability applies to

Sole Proprietorships

small business owners

Corporations and partnerships

Only Corporations

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is a business owned by stockholders/investors but operated by others?

Sole Proprietorship
Partnership
Corporation

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is a business owned and operated by two or more people?

Sole Proprietorship
Partnership
Corporation

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is ONE advantage of a sole proprietorship?

You make ALL the decisions
Easy to raise money
You have to share profits

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