Businesses and Types of Ownership

Businesses and Types of Ownership

6th - 8th Grade

12 Qs

quiz-placeholder

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Businesses and Types of Ownership

Businesses and Types of Ownership

Assessment

Quiz

Business

6th - 8th Grade

Easy

Created by

Heather Pipech

Used 3+ times

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12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a Sole Proprietorship?

A business where 2 or more people share ownership

A business owned by shareholders

A business that is owned by one individual

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an advantage of sole proprietorship?

Owner has complete control

Owner gets all the stress

Cannot raise capital

All the above

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Partnership requires at least three people

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Business owned by shareholders is

Partnership

Sole proprietorship

Corporation

Franchise

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

How is a corporation different from a sole proprietorship?

Corporations are owned by only one person
Corporations can sell stock to raise money for the business. 
Sole proprietorships have limited liability for the owners.
Sole proprietorships require a legal charter to start the business.

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Commercial enterprise that dedicates itself to buying already made products and reselling them to make profit?

Merchandising Business

Limited Liability Company

Partnership

Service Business

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

This business takes raw materials and mass produces goods. Usually it uses robots, computers, assembly lines, and human labor to make goods.

Proprietorship

Partnership

Merchandising Business

Manufacturing Business

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