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Econ 3-1 Forms of Business Ownership

Authored by Andrew Soultz

Social Studies

12th Grade

Econ 3-1 Forms of Business Ownership
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business owned and operated by one person

Sole Proprietorship

Partnership

Corporation

Limited Partner

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Most common form of business in the USA

Sole Proprietorship

Partnership

Corporation

General Partner

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Stock of finished goods

Sole Proprietorship

Partnership

Corporation

Inventory

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

owner is personally responsible for all losses and debts of the business

Limited Life

Partnership

Corporation

Unlimited Liability

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Two or more individuals agree to own and operate a business together

Limited Life

Partnership

Corporation

Unlimited Liability

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Responsible for the everyday operation of the business

Limited Life

Partnership

General Partner

Unlimited Liability

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a legal creation that acquires resources, owns assets, produces and sells products, incurs debts, extends credit, sues & is sued, and performs the functions of any other enterprise

Limited Life

Partnership

Corporation

Unlimited Liability

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