Forms of Business Ownership Review

Forms of Business Ownership Review

9th - 12th Grade

24 Qs

quiz-placeholder

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Forms of Business Ownership Review

Forms of Business Ownership Review

Assessment

Quiz

Other

9th - 12th Grade

Hard

Created by

Stacey Floyd

Used 1+ times

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24 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A business with one owner is known as a:

Company

Sole trader

Partnership

2.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

The two forms of business ownership with unlimited liability are:

Sole trader

Public company

Partnership

Private company

3.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Advantages of a partnership are:

The partners split the profit

Unlimited liability

Raise more capital than a sole trader

Share the workload

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the most common form of business ownership?

Corporation
Company
Sole Proprietorship
LLC

5.

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
Franchise

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Sole proprietorship
Partnership
Corporation
Franchise

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following is a drawback for an entrepreneur setting up a business as a sole proprietorship?

Profit is shared

Financial accounts are kept private

Limited liability

Unlimited liability

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