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Chapter 3.2 Review

Authored by Tanesha Poyser

Other

9th - 12th Grade

Used 3+ times

Chapter 3.2 Review
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business owner with __________________liability might have to pay off business debts using his or her personal money and possessions.

unlimited

limited

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Liability is a _____________________ obligation.

legal

personal

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The ___________________________is the simplest option for business ownership

LLC

Non- Profit

Partnership

Sole-Proprietorship

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Partners share the management, profits, and liability of their business based on the terms of their ________________

verbal agreement

contribution to the business

partnership agreement

percentage share

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Shareholders or stockholders are the owners of a ________________________________.

Sole-Proprietorship

Corporation

Partnership

LLC

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Entrepreneurs with limited liability put their personal assets at risk.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The level of liability depends on the type of business ownership.

True

False

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