
Business Forms Quiz
Quiz
•
Business
•
7th Grade
•
Practice Problem
•
Medium
Efemena Ziregbe
Used 1+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a Sole Proprietorship?
A business owned by two or more people
A business owned by one person
A business owned by a group of people with limited liability
A business owned by shareholders
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a characteristic of a Partnership?
Unlimited liability
Shares traded on the stock market
Owned by one person
No legal distinction between the owner and the business
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a Limited Liability Company (LLC)?
A business structure where the owners have unlimited liability
A business structure where the owners have limited liability
A business owned by a single individual
A business where profits are distributed according to shares
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a Cooperative, who are the owners?
Shareholders
Government
Members/Users
A single proprietor
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which form of business organization typically has the simplest tax requirements?
Limited Liability Company
Partnership
Sole Proprietorship
Cooperative
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a key advantage of a Partnership over a Sole Proprietorship?
Limited liability
More capital available
No need for registration
Profits are not taxed
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a characteristic of a Limited Liability Company (LLC)?
Limited liability for owners
Profits taxed at the company level
Flexibility in management
Owners are called members
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