Types of Business Entities

Types of Business Entities

12th Grade

31 Qs

quiz-placeholder

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Types of Business Entities

Types of Business Entities

Assessment

Quiz

Financial Education

12th Grade

Practice Problem

Medium

Created by

Hadam Benachou

Used 4+ times

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31 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT one of the four types of business entities?

Sole proprietorship

Partnership

Cooperative

Corporation

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of business entity is characterized by limited liability for its owners?

Sole proprietorship

Partnership

Limited liability company (LLC)

Corporation

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a characteristic of a sole proprietorship?

It is the least common form of business ownership.

It is the most expensive form of business to start.

There is no difference between the business and its owner, who is completely responsible for all losses and liabilities.

The business continues to operate after the owner's death.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to a sole proprietorship when the owner dies?

The business is transferred to the owner's heirs.

The business is sold to the highest bidder.

The business ceases to exist.

The business becomes a partnership.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is the income from a sole proprietorship taxed?

At the corporate tax rate.

At a special rate for small businesses.

At the personal tax rate of the owner.

It is not taxed.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one of the advantages of starting a sole proprietorship?

It requires a complex legal structure.

It is the least common type of business.

It is the least expensive to start.

It requires multiple owners.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How many owners must a partnership have at a minimum?

One

Two

Three

Four

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