Unit 3 Test Review-Econ

Unit 3 Test Review-Econ

9th - 12th Grade

54 Qs

quiz-placeholder

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Unit 3 Test Review-Econ

Unit 3 Test Review-Econ

Assessment

Quiz

Social Studies

9th - 12th Grade

Medium

Created by

Emma Harrington

Used 7+ times

FREE Resource

54 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A ________ must name a board of directors that will make the major policy and financial decisions for the business.
limited liability company
proprietorship
corporation
limited liability partnership

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

In what type of business organization is each owner personally liable for all business debts, even if the debts were created by other owners?
corporation
partnership
proprietorship
S corporation

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The easiest form of business to start and end is a(n)

limited liability partnership

S corporation

franchise

Sole proprietorship

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Groups of people form consumer cooperatives to 
purchase goods and services more cheaply than they could as individuals
reduce the amount of property taxes that each member must pay
generate a profit for each member of the group
increase their political power in their community

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

One important advantage of forming a partnership is that this form of business organization gives each owner sole control over the business.

True

False

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following is the definition for sole proprietorship

business investment that involves renting or leasing another successful business model

unincorporated business owned and run by a single person who has rights to all profits and unlimited liability for all debts of the firm; most common form of business organization in the United States

unincorporated business owned and operated by two or more people who share the profits and have unlimited liability for the debts and obligations of the firm

form of business organization recognized by law as a separate legal entity with all the rights and responsibilities of an individual, including the right to buy and sell property, enter into legal contracts, and to sue and be sued

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

This type of business is owned by one person.
Partnership
Sole Proprietorship
Corporation
Franchise

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