MacroEconomics - Business Organizations
Authored by Coach Flynn
Social Studies
12th Grade
DOK Level 1: Recall covered
Used 10+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a type of business ownership where a single individual owns and operates the business?
Corporation
Partnership
Sole Proprietorship
Limited Liability Company (LLC)
Tags
DOK Level 1: Recall
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one major advantage of a sole proprietorship?
Limited liability
Easy to establish and dissolve
Double taxation
Tags
DOK Level 1: Recall
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a disadvantage of partnerships?
Limited liability
Double taxation
Unlimited liability
Tags
DOK Level 1: Recall
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a Limited Liability Company (LLC), who is protected from personal liability for business debts?
Only the managers
Only the owners
Both owners and managers
Tags
DOK Level 1: Recall
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is the most common type of business ownership?
Sole Proprietorship
Partnership
Corporation
Tags
DOK Level 1: Recall
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one disadvantage of a partnership?
Easy to establish
Shared profits
Single taxation
Tags
DOK Level 1: Recall
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of business ownership is characterized by having shareholders?
Sole Proprietorship
Partnership
Corporation
Tags
DOK Level 1: Recall
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