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Economics Unit 3

Authored by David Dotson

Social Studies

9th - 12th Grade

16 Questions

Used 21+ times

Economics Unit 3
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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Sara’s Hair Palace is a small, locally owned beauty salon in Sterling. This represents what type of business?

corporation
partnership
sole proprietorship

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Dan has $5,000. He wants to invest his money in the type of business that has the least amount of liability. In which type of business should he invest?

corporation
partnership
proprietorship

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business partnership has ___________ who share the risks and the profits.

One owner
No more than three owners
Two or more owners
Five or more owners

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an advantage of sole proprietorships:

Limited liability
Unlimited financial power
Dual taxation
Quick decision making

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a disadvantage of sole proprietorships:

Limited capital
Control 
Privacy
Tax liability

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an advantage of general partnerships:

Limited capital
Unlimited liability
Easy to end
Combined capabilities

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an advantage of the corporation as a form of business ownership:

Less complex requirements
Separate owners and managers
Limited liability
High Taxes

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