Business Ethics & Law 1 Unit 4 Accommodated Test

In a General Partnership, how are the responsibilities shared?

• Only one partner is responsible

• Responsibilities are shared equally among partners

• Responsibilities are determined by the government

• There are no responsibilities involved

What distinguishes a Limited Partnership from a General Partnership?

• Both partners are equally liable

• There are no general partners

• Includes both general and passive partners

• It is a type of corporation

What is a Non-Profit organization primarily focused on?

• Making a profit

• Charitable, educational, or public benefit activities

• Franchise development

• Manufacturing goods

What does Liability refer to in a business context?

• Assets owned by the business

• Legal responsibility for debts and obligations

• Profit earned by the business

• The number of employees

What are Debts?

• Money owed to creditors or lenders

• Legal agreements between partners

• Profits of the business

• Assets of the corporation

What is the purpose of an Employer Identification Number (EIN)?

• To register a trademark

• To identify a business for tax purposes

• To apply for a business loan

• To obtain a business license

Which business structure is not primarily focused on profit-making?

• Corporation

• LLC

• Non-Profit

• Sole Proprietorship

Which form of business ownership is easiest to establish?

• Corporation

• Sole Proprietorship

• Partnership

• Limited Liability Company

Which form of ownership typically offers the most control to its owner?

• Corporation

• Partnership

• Sole Proprietorship

• Limited Liability Company

A C Corporation can have an unlimited number of shareholders and pays what type of tax?

• Income tax

• Corporate tax

• Sales tax

• Property tax