ECON Unit 2 Practice Test
Authored by Jack2 Vasquenza
Social Studies
9th - 12th Grade
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20 questions
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1.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
What are the 3 legal forms of business? [ More than one answer]
Sole Proprietorship
Partnership
Corporation
Cooperation
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which form of business is the most common numerically.
Sole Proprietorship
Partnership
Corporation
Cooperation
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which form of business can sell stock?
Sole Proprietorship
Partnership
Corporation
Cooperation
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The portion of corporate profits paid out to stockholders.
Dividend
Bond
Premium
Stock
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain the difference between limited and unlimited liability
Unlimited liability means that the owners are personally responsible for all debts owed. Limited liability means that debts of business are restricted to the shares of stock owned by business owners.
Unlimited liability means that the owners are not personally responsible for all debts owed. Limited liability means that debts of business are restricted to the shares of stock owned by business owners.
Unlimited is forever; and limited is for a short term.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
1. Explain the difference between general partnership and limited partnership?
General partnership have unlimited liability and full management control and a limited partnership has limited liability and limited involvement in management.
General Partnership you have limited liabilty and limited partnership you have is unlimited liabilty
There is no such thing as Limited Partnership.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Liability is the…
Necessity to do a lot of paper work.
Requirement to offer fringe benefits.
Legal obligations to pay debts.
Opportunity of the sole proprietor to keep all profits after taxes.
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