Legal Aspects of Business Organisation

Legal Aspects of Business Organisation

University

20 Qs

quiz-placeholder

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Legal Aspects of Business Organisation

Legal Aspects of Business Organisation

Assessment

Quiz

Social Studies

University

Medium

Created by

NAIM AZIZI

Used 1K+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a sole proprietorship?

Limited liability

Sharing of profits

Single ownership

More than 2 persons

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What kind of business is BEST described by these statements?

I am the only owner of my business.

I take all the risks of doing business.

I keep all the profits.

Partnership

Cooperative

Corporation

Sole proprietorship

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An entrepreneur is who

enforces government regulations

takes the risk to earn profit

sets the interest rates at banks

manages financial investments

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A form of business organization that is authorized to act as a legal entity regardless of the number of owners.

Company

Partnership

Sole proprietorship

Distributor

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a disadvantage of a partnership?

Ease of formation

Limited liability

Owners share responsibilities

Possibility of personality conflict

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of business consists of two or more people?

Sole proprietorship

Company

Partnership

Franchise

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Law firms, medical practices, and auto body repair shops are examples of what type of ownership?

Sole proprietorship

Franchise

Partnership

Corporation

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