ECON 3.1

ECON 3.1

12th Grade

21 Qs

quiz-placeholder

Similar activities

How Business Is Organized

How Business Is Organized

12th Grade

16 Qs

Economics - Topic 5 Lessons 1(Revised) & 2 Key Terms Quiz

Economics - Topic 5 Lessons 1(Revised) & 2 Key Terms Quiz

12th Grade

19 Qs

Entrepreneur

Entrepreneur

9th - 12th Grade

18 Qs

FHS PFLE 5F business organization characteristics

FHS PFLE 5F business organization characteristics

12th Grade

20 Qs

Business Organization Vocab

Business Organization Vocab

12th Grade

21 Qs

Business Organisations

Business Organisations

12th Grade

16 Qs

Business Organization Assessment

Business Organization Assessment

12th Grade

16 Qs

ECON 3.1

ECON 3.1

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Felicity Debacco-Erni

Used 12+ times

FREE Resource

21 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  • Owned and operated by a single individual.

  • Simplest form of business organization.

  • Owner has complete control and makes all decisions.

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

Create a free account and access millions of resources

Create resources
Host any resource
Get auto-graded reports
or continue with
Microsoft
Apple
Others
By signing up, you agree to our Terms of Service & Privacy Policy
Already have an account?