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Chapter 6 Vocab Test

Authored by Terry Wheeler

Business

9th - 12th Grade

Used 15+ times

Chapter 6 Vocab Test
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7 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business owned by one person.

partnership

sole-proprietorship

corporation

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An association of two or more people operating a business as co-owners and sharing the profits according to a written agreement.

sole-proprietorship

partnership

corporation

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business made up of a number of owners but authorized by law to act as a single person.

sole-proprietorship

partnership

corporation

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A business with one owner is known as a:

Company

Sole proprietorship

Partnership

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A business run by 2-20 people and has unlimited liability is known as a:

Company

Sole proprietorship

Partnership

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This type of business is subject to many more laws and are more difficult to form.

Proprietorship

Partnership

Corporation

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This type of organization is a legal entity separate from its owners.

Sole proprietorship

Partnership

Corporation

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