Business Entities Quiz
Authored by Dan Cleavenger
Business
7th Grade
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8 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of business entity is formed when an individual person starts a business without creating an LLC or filing articles of incorporation?
Sole Proprietorship
Partnership
C Corporation
S Corporation
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which form is filed by a partnership to report its profit or loss to the IRS?
Form 1065
Form 1040
Form 2553
Form 1120
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the default corporate type when a corporation is created without making any election?
S Corporation
Partnership
C Corporation
LLC
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of business entity is subject to double taxation?
Sole Proprietorship
Partnership
C Corporation
S Corporation
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does LLC stand for?
Legal Liability Company
Limited Liability Corporation
Limited Liability Company
Legal Liability Corporation
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of business entity provides legal protection for personal assets similar to a corporation?
Partnership
Sole Proprietorship
C Corporation
LLC
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How many shareholders can an S Corporation have?
Unlimited
10,000
1000
100
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