Business Structures and Their Characteristics

Business Structures and Their Characteristics

12th Grade

34 Qs

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Business Structures and Their Characteristics

Business Structures and Their Characteristics

Assessment

Quiz

History

12th Grade

Practice Problem

Medium

Created by

Kody Travis

Used 3+ times

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34 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a key characteristic of a sole proprietorship?

The business is owned by shareholders.

The owner has limited liability.

The business and the owner are legally the same entity.

It requires at least two people to start.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an advantage of a sole proprietorship?

Easy to dissolve

No control over business decisions

High tax rates

Limited access to capital

3.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

In a partnership, what is the main purpose of a partnership agreement?

To specify the color scheme of the business logo

To outline the roles and responsibilities of each partner

To determine the business name

To limit the liability of the partners

4.

MULTIPLE CHOICE QUESTION

30 sec • 6 pts

Which of the following entities offers its owners limited liability?

Sole Proprietorship

General Partnership

Corporation

None of the above

5.

MULTIPLE CHOICE QUESTION

30 sec • 6 pts

What is a disadvantage of a sole proprietorship?

Simple to establish

Unlimited liability

Complete control by the owner

Low startup costs

6.

MULTIPLE CHOICE QUESTION

30 sec • 8 pts

Which of the following best describes a partnership?

A business owned by one person

A business owned by two or more persons who share profits and losses

A business with limited liability for all owners

A business that is easy to dissolve

7.

MULTIPLE CHOICE QUESTION

30 sec • 9 pts

What is a characteristic feature of a corporation?

It cannot enter into contracts.

It is not taxed as a separate entity.

It has perpetual existence.

It requires no formalities for formation.

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