Business Classifications

Business Classifications

11th Grade

22 Qs

quiz-placeholder

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Business Classifications

Business Classifications

Assessment

Quiz

Business

11th Grade

Practice Problem

Medium

Created by

Kelly Pecka

Used 22+ times

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22 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the three most common classifications of businesses from an accounting perspective?

Sole proprietorship, partnership, and corporation

Partnership, corporation, and LLC

Sole proprietorship, LLC, and cooperative

Corporation, cooperative, and nonprofit

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a sole proprietorship?

A business owned by multiple individuals

A business with limited liability

A business that is a separate legal entity

A business owned by one person

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a drawback of a sole proprietorship?

Limited liability and responsbility

Shared control of the business

Unlimited liability and responsibility

Access to more resources

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a partnership?

A business owned by multiple individuals

A business with limited liability

A business that is a separate legal entity

A business owned by one person

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a consequence of a partnership?

Limited liability

Shared control of the business

Having to compromise when there is a disagreement

Access to more resources

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a benefit of a sole proprietorship?

Shared control of the business

Unlimited liability

Full control of the business

Limited access to resources

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a characteristic of a corporation?

Unlimited liability

Shared control of the business

Separate legal entity

Single ownership

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