Business Characteristics Test Prep Quiz

A ____________ is a business owned and operated by a single individual.

• Sole Proprietorship

• Partnership

• General Partnership

• C Corporation

In a ____________, two or more people share ownership of a business.

• Sole Proprietorship

• Partnership

• Franchise

______________ are businesses that transform raw materials into finished products.

• Producers

• Manufacturers

• Intermediaries

• Non-Profits

______________ are organizations that do not aim to make a profit and often serve social causes.

• Non-Profits

• For Profits

• Corporations

• LLC's

The Four P's of Marketing include Product, Price, Place, and ______________.

• Promotion

• Partnership

• Producer

• Processor

Which business structure offers personal liability protection to its owners?

• Sole Proprietorship

• Partnership

• LLC

• All of the above

What type of business acts as a link between producers and consumers?

• Processor

• Manufacturer

• Intermediary

• Non-profit

Which of the Four P's of Marketing refers to how a product is distributed to customers?

• Product

• Price

• Place

• Promotion

What is the main advantage of a sole proprietorship?

• Limited liability

• Easy to set up and control

• Shared decision-making

• Separate legal entity

Which business structure is considered a separate legal entity from its owners?

• Sole proprietorship

• Partnership

• Corporation

• LLC