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Business Structures

Authored by Thomas Fisher

Business

11th Grade

Used 1+ times

Business Structures
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

John and Sarah decide to start a bakery together. What is this form of business ownership called?

Sole Proprietorship

Company

Partnerships

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

At Tech Innovations Inc., the major policy and financial decision makers are determined by the...

CEO/GM/President

Chairman of the board

Shareholders

Board of Directors

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Can a sole trader like Sarah, who runs a bakery, operate her business under a name different from her own personal name?

Yes

No

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Imagine you want to start a business that designs and sells custom furniture. You're considering different business structures and want one where you won't be personally liable for business debts beyond what you've invested. Which business structure ensures that the business is a separate legal entity from its owners, and the owners are only liable for the amount they've invested in shares?

Partnership

Sole Trader

Limited Liability Company

Franchise

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the United States, a general partnership structure

pays income tax directly on its profits

does not pay income tax; profits are taxed on the partners' personal tax returns

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Before launching a new financial product, a fintech startup must be registered with

ASX

ACCC

ASIC

APRA

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a small tech startup partnership, there are normally between

2-10 members

2-20 members

2-50 members

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