
Understanding Business Ownership Types
Authored by Thomas Collins
Business
12th Grade
Used 1+ times

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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the simplest form of business ownership?
Partnership
Sole Proprietorship
Limited Liability Company
Franchise
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an advantage of a sole proprietorship?
Limited liability
Easy to establish
Shared decision-making
Access to more capital
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a major disadvantage of partnerships?
High start-up costs
Unlimited liability
Limited access to resources
Difficult to dissolve
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a characteristic of a limited liability company (LLC)?
Owners are personally liable for debts
Profits are taxed twice
Combines elements of partnerships and corporations
Only available to large businesses
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a franchise business model, what does the franchisee typically receive from the franchisor?
Complete ownership of the brand
A share of the franchisor's profits
The right to use the franchisor's business model and brand
Free products and services
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a characteristic of a public limited company (PLC)?
Shares are not available to the general public
Limited to 50 shareholders
Shares can be traded on the stock exchange
Unlimited liability for shareholders
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a key feature of a private limited company (Ltd)?
Shares can be sold to the public
Limited to 50 shareholders
Shareholders have unlimited liability
Shares are not publicly traded
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