Forms of Business Organization
Quiz
•
Other
•
12th Grade
•
Medium
Lisa Dawson
Used 59+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Unlimited personal responsibility for all debts and for other liabilities that the business may incur is only possible in a sole proprietorship form of business.
true
false
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Limited partners do not usually share in the managerial control of the business.
true
false
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When one partner is served with a summons and complaint against the firm, all the partners are deemed to have received the notice, even if they are not informed.
true
false
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The partnership and all partners are liable when any partner commits a tort while acting within the scope of the firm's business.
true
false
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A corporation that files for bankruptcy must be dissolved.
true
false
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Of the three principal forms, the simplest, most flexible, and easiest to start is the sole proprietorship.
true
false
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The directors have a fiduciary duty to the corporation.
true
false
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