Business Organizations

Business Organizations

12th Grade

10 Qs

quiz-placeholder

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Business Organizations

Business Organizations

Assessment

Quiz

History

12th Grade

Practice Problem

Medium

Created by

Spencer McGuire

Used 4+ times

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10 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

1. What type of business organization is owned and operated by one individual?

Corporation
Partnership
Sole Proprietorship
Nonprofit Organization

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

2. In which form of business organization do the owners have unlimited personal liability for the debts and obligations of the business?

Corporation
Partnership
Sole Proprietorship
Limited Liability Company (LLC)

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

3. If a business owner wants to have full control over all decisions, which business structure should they choose?

Corporation
Partnership
Sole Proprietorship
Cooperative

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

4. How are profits taxed in a sole proprietorship?

As corporate income

As personal income of the owner (Single Income Tax)

No taxes are paid on profits
Profits are not taxed

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

5. In the event of the death of an owner, what typically happens to a sole proprietorship?

It continues to operate indefinitely.
It is automatically transferred to the owner's heirs.
It is dissolved unless there's a successor.
It becomes a corporation.

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

6. Which form of business organization can continue indefinitely, regardless of changes in ownership?

Sole Proprietorship
Partnership
Corporation
Franchise

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

7. Who is responsible for making decisions in a corporation?

The President
The Shareholders directly
The Board of Directors
All employees collectively

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