Owned and operated by a single individual.
Simplest form of business organization.
Owner has complete control and makes all decisions.
ECON 3.1

Quiz
•
Social Studies
•
12th Grade
•
Medium

Felicity Debacco-Erni
Used 12+ times
FREE Resource
21 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Inventory
Unlimited Liability
Corporation
Sole Proprietorship
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Unlimited Liability is best described by the following:
Partnerships are the least common form of business structure
Limited partners have limited liability and limited involvement in management
If the business fails, the owner's personal assets can be used to repay creditors
Charters grant corporations legal recognition and specific rights
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Refers to the goods held by a business for sale
It includes raw materials, work-in-progress, and finished goods
Supply
Inventory
General partnership
Demand
4.
FILL IN THE BLANK QUESTION
1 min • 1 pt
The following characteristics are an example of:
All partners have equal responsibility and liability
Partners are jointly and individually liable for debts
Profit sharing and decision-making is shared equally
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The firms ceases to exist if the owner dies, quits or sells the business.
Inventory
End of Business
Corporation
Limited Life
6.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Consists of general partners and limited partners
General partners have unlimited liability
Limited partners have limited liability and limited involvement in management.
All are examples of what:
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Legal entities separate from their owners
Owned by shareholders who hold shares of stock
Managed by a board of directors
All are characteristics of a corporation.
True
False
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