Types of Businesses Quiz
Authored by Martin Ognyanov
Social Studies
12th Grade
Used 5+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This type of business is owned by one person.
Partnership
Sole Proprietorship
Corporation
Franchise
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Advantages of this business type are that the owner is their own boss and gets to keep all the profits.
Partnership
Sole Proprietorship
Corporation
Franchise
3.
MULTIPLE CHOICE QUESTION
5 sec • 1 pt
Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.
Sole Proprietorship
Partnership
Corporation
Franchise
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a major advantage of a business that is a partnership rather than a sole proprietorship?
The responsibility for the business is shared
The business is easy to set up
The partners are not responsible for business debts
The business is easy to sell
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a business owned by stockholders/investors but operated by others?
Sole Proprietorship
Partnership
Corporation
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Disadvantages include limited life and
the potential for conflict between partners
Sole Propriotorship
Partnership
Corporation
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Characteristics include owned by two or more people and may be general or limited
Sole Propriotorship
Partnership
Corporation
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