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#2 Business Ownership

Authored by Cristina Hackett

Business

9th - 12th Grade

Used 7+ times

#2 Business Ownership
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25 questions

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1.

MULTIPLE CHOICE QUESTION

15 mins • 4 pts

What is a corporation?

A legal entity that is separate from its owners

A business structure that protects its owners from being personally liable for the company’s debts or liabilities

A corporation that operates to accomplish a special mission other than to make a profit

A parent company that sells the right to open stores and sell products or services using its brand, expertise, and intellectual property

2.

MULTIPLE CHOICE QUESTION

15 mins • 4 pts

Noah, Evelyn, and Lily are planning to start a corporation. What would be an advantage for them in doing so?

Personal liability protection

Strict guidelines and protocols to follow

Double taxation

Regulation

3.

MULTIPLE CHOICE QUESTION

15 mins • 4 pts

Harper, Aiden, and Emma are planning to start a corporation. What could be a potential disadvantage of their decision?

It could be costly – corporations are often the most expensive business structure to set up

They could ensure business security and continuity

They could attract more investors, thus making it easier to obtain capital

The corporation, not Harper, Aiden, or Emma individually, would be taxed on profits

4.

MULTIPLE CHOICE QUESTION

15 mins • 4 pts

What is an LLC?

A legal entity that is separate from its owners

A business structure that protects its owners from being personally liable for the company’s debts or liabilities

A corporation that operates to accomplish a special mission other than to make a profit

A parent company that sells the right to open stores and sell products or services using its brand, expertise, and intellectual property

5.

MULTIPLE CHOICE QUESTION

15 mins • 4 pts

What is a non-profit corporation?

A legal entity that is separate from its owners

A business structure that protects its owners from being personally liable for the company’s debts or liabilities

A corporation that operates to accomplish a special mission other than to make a profit

A parent company that sells the right to open stores and sell products or services using its brand, expertise, and intellectual property

6.

MULTIPLE CHOICE QUESTION

15 mins • 4 pts

What is a benefit of a corporation?

Difficult to set up and manage

Can attract more investors, thus easier to obtain capital

Business security and continuity is compromised

The individual owners are taxed on profits, not the corporation

7.

MULTIPLE CHOICE QUESTION

15 mins • 4 pts

What is the main disadvantage of a corporation?

Personal liability protection

Double taxation

Flexibility in decision making

Easy to set up

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