Economics Chapter 8

Quiz
•
Social Studies
•
12th Grade
•
Hard
Randall Clift
Used 1+ times
FREE Resource
22 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What term is defined as an enterprise that produces goods or services, usually to make a profit?
business organization
stock
unlimited liability
vertical merger
2.
OPEN ENDED QUESTION
3 mins • 1 pt
What does the term limited life mean?
Evaluate responses using AI:
OFF
3.
OPEN ENDED QUESTION
3 mins • 1 pt
What do many people consider to be the chief advantage of sole proprietorship?
Evaluate responses using AI:
OFF
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a business owned and managed by a single person called?
conglomerate
general partnership
limited partnership
sole proprietorship
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for a business that is co-owned by two or more people who agree on how responsibilities, profits, and losses will be divided?
partnership
general partnership
limited partnership
limited liability partnership
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for a business in which none of the co-owners is responsible for the debts or mistakes of the others?
partnership
general partnership
limited partnership
limited liability partnership
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an advantage of partnership but not of sole proprietorship?
Few regulations
Easy to open and close
Specialization of skills
Limited life
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