Economics

Economics

11th Grade

11 Qs

quiz-placeholder

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Economics

Economics

Assessment

Quiz

Other

11th Grade

Practice Problem

Hard

Created by

alya Alhosani

Used 1+ times

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11 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Some refer to a _____ as a “legal person

partnership

Corporation

limited liability company

sole proprietorship

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following business structures is synonymous with a sole proprietorship?

Partnership

Corporation

Limited liability company (LLC)

Individual ownership

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a limited partnership, what is the role of the limited partners?

They have limited liability but are actively involved in the busines

They have unlimited personal liability

They have full control and management of the partnership.

They have limited liability and are passive investors

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which factor differentiates a limited liability company (LLC) from a corporation?

Taxation

Limited liability

Management structure

Number of owners

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Stephen and Mike start a consulting service to help businesses manage their trademarks and patents. They are the only partners, sharing equally in the work, profits, and losses

limited liability partnership

general

limited partnership

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Choose the correct answer

Which type of partnership is often chosen by professionals like lawyers and accountants?

Joint venture

General partnership

Limited partnership

Limited liability partnership (LLP)

7.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Media Image

Identify the type of business

Rosa and Serena carefully review expansion plans after new partners provide extra funds. However, they know that they remain fully liable if their decisions are not sound.

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