
F.4_ECON_Book 2 Chapter 8_22_23_20230202
Authored by Vincent Lee
Social Studies
10th Grade
Used 3+ times

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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a characteristic of a sole proprietorship?
No separate legal status
Unlimited liability
Lasting continuity
Freedom of transfer of ownership
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Tom and Mary are owners of a firm. Tom borrows money on behalf of the firm, so Mary also has the responsibility of paying back the money and interest. The firm is
a sole proprietorship.
a partnership.
a private limited company.
a public limited company.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following statements about a partnership is correct?
It can have only one owner.
It is a legal entity.
The liability of owners is limited.
It does not need to disclose its financial accounts to the public.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Peter is planning to start a bookstore. He wants to have more sources of capital but he does not want to pay a high profits tax rate. Which of the following is a good option for him?
Sole proprietorship
Partnership
Private limited company
Public limited company
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a feature of a partnership?
No separate legal status
Each partner’s decision is binding on all other partners
The maximum number of partners is 20
Lack of continuity
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
A sole proprietorship is different from a partnership in that
a sole proprietor bears unlimited liability.
the former has a separate legal status.
the former has wider sources of capital.
the former is more flexible in decision making.
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following descriptions about a private limited company is correct?
The maximum number of shareholders is 20.
Some shareholders have to bear unlimited liability.
Profits belong to the company, not the shareholders.
When the major shareholder passes away, the company has to end.
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