
Entrep. 9-27-22
Quiz
•
Other
•
3rd Grade
•
Medium
Maida Gabarda
Used 3+ times
FREE Resource
45 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
10 sec • 5 pts
Abigail and Olivia decided to start a business together. What is the term for this type of business?
Company
Sole trader
Partnership
2.
MULTIPLE CHOICE QUESTION
10 sec • 5 pts
William and Nora decided to start a business together, sharing the profits equally. However, they were aware that they would have unlimited liability. This type of business is known as a:
Company
Sole trader
Partnership
3.
MULTIPLE CHOICE QUESTION
10 sec • 5 pts
4.
MULTIPLE CHOICE QUESTION
10 sec • 5 pts
5.
MULTIPLE CHOICE QUESTION
10 sec • 5 pts
Which of the following best describes the term limited liability? If the business fails:
Personal possessions of the owner can be taken to pay any debts
The owner is personally liable for all the debts of the business
There is no limit on the amount the owner has to pay to settle debts
The owner only loses the amount invested in the business
6.
MULTIPLE CHOICE QUESTION
10 sec • 5 pts
Which of the following is a drawback for an entrepreneur setting up a business as a sole proprietorship?
Profit is shared
Financial accounts are kept private
Limited liability
Unlimited liability
7.
MULTIPLE CHOICE QUESTION
10 sec • 5 pts
Which legal structure would an individual wishing to start-up a small business choose because it is quick, easy and inexpensive to set up?
Sole proprietorship
Partnership
Privately Held Corporation
Corporation
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