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Intro to Busn- 2nd Quarter Benchmark Review (Ch 6, 7, 8)

Authored by Lenzi O'Connor

Business

9th - 12th Grade

Used 1+ times

Intro to Busn- 2nd Quarter Benchmark Review (Ch 6, 7, 8)
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50 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What are the three main forms of business organization?

partnerships, corporations, and dividends
corporations, proprietorships, and stockholders
sole proprietorships, partnerships, and corporations
partner proprietorships, corporations, and sole partnerships

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which is true of a sole proprietorship?

A sole proprietorship is often difficult and complicated to start up
Revenue for a sole proprietorship is usually higher than that for a corporation.
Profits from a sole proprietorship are only taxed once
Sole proprietors share decision making with others.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does unlimited liability mean to the owner of a business?

The owner is responsible for all the company's debts
The owner has limited credit.
The company will fail if the owner does not have all the skills needed to run the business
The corporation is dissolved when the owner dies

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which is NOT an advantage of forming a corporation?

The company continues even after one owner dies.
There is limited liability for the founder
Raising capital for startup is easier
Profits are taxed twice: at the corporate level and at the shareholder level.

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which business structure contains both the benefits of a small business and a corporation?

cooperative
car sharing
nonprofit organization
franchise

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which type of business makes a finished product, such as an automobile?

industry
manufacturer
processor
producer

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

How does a product get from a manufacturer to a wholesaler?

by a producer
by a processor
by an intermediary
by a retailer

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