Business Ownership Quiz
Authored by Alessandra Formica
Business
10th Grade
Used 6+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a sole proprietorship?
A business owned by two or more people
A business owned by one person
A business owned by a corporation
A business owned by a limited liability company
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a partnership?
A business owned by two or more people
A business owned by one person
A business owned by a corporation
A business owned by a limited liability company
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main disadvantage of a sole proprietorship?
Limited liability
Double taxation
Unlimited personal liability
Complex paperwork
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main advantage of a partnership?
Limited liability
Double taxation
Unlimited personal liability
Operational flexibility
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a limited liability company (LLC)?
A business owned by two or more people
A business owned by one person
A hybrid between a partnership and a corporation
A separate legal entity from its owners
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a corporation?
A business owned by two or more people
A business owned by one person
A hybrid between a partnership and a corporation
A separate legal entity from its owners
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main disadvantage of a corporation?
Limited liability
Double taxation
Unlimited personal liability
Complex paperwork
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