Business Ownership and Types Quiz

What is the definition of business ownership?

• The act of managing a business entity

• Legal and financial responsibility of individuals or groups for a business entity.

• The process of starting a business

• The ownership of physical assets in a business

Which of the following is not a type of business ownership?

• Sole proprietorship

• Partnership

• Limited liability company

• Marketing strategy

Which type of business ownership has unlimited liability?

• Sole proprietorship

• Corporation

• Partnership

• Limited liability company

Which type of business ownership has the advantage of easy decision-making?

• Corporation

• Sole proprietorship

• Partnership

• Limited liability company

Which type of business ownership has the advantage of shared responsibilities and resources?

• Sole proprietorship

• Limited liability company

• Corporation

• Partnership

Which type of business ownership has the advantage of limited liability?

• Limited liability company

• Corporation

• Sole proprietorship

• Partnership

Which type of business ownership is a separate legal entity?

• Sole proprietorship

• Corporation

• Partnership

• Limited liability company

Which type of business ownership is the most common?

• Sole proprietorship

• Limited liability company

• Corporation

• Partnership

Which type of business ownership requires a formal agreement?

• Partnership

• Sole proprietorship

• Limited liability company

• Corporation

Which type of business ownership has the advantage of tax benefits?

• Sole proprietorship

• Partnership

• Corporation

• LLC