Business Knowledge Quiz

In most companies, there is an organizational system in place so that everyone knows who to report to.

• True

• False

Sole Proprietorship is a business that has many owners.

• True

• False

It is smart for partnerships to have a legal agreement.

• True

• False

An LLC stands for Limited Liability Company.

• True

• False

Low-Level managers do not have to report to anyone else.

• True

• False

It’s important for Top-Level managers to spend their time studying the competition.

• True

• False

Our country provides small businesses with resources to help them get started and be successful. What is this government agency called?

• America’s Small Businesses

• America’s Business Association

• Small Business Administration

• Small Business Association

A business ran and owned by just one person is called what?

• Corporation

• Partnership

• LLC

• Sole Proprietorship

A business owned by many people who are considered stakeholders.

• Corporation

• Partnership

• LLC

• Sole Proprietorship

A business owned by two people who share the profit.

• Corporation

• Partnership

• LLC

• Sole Proprietorship