Business Ownership and Structure Quiz

What is a business that is owned and usually operated by one person called?

• Partnership

• Corporation

• Sole Proprietorship

• Joint Venture

Which type of business is a voluntary association of two or more persons to act as co-owners for profit?

• Corporation

• Partnership

• Limited Liability Corporation

• Syndicate

What is an artificial person, created by law, with most of the legal rights of a real person?

• S Corporation

• Not-for-Profit Corporation

• Corporation

• General Partner

Which type of corporation is taxed as though it were a partnership?

• S Corporation

• Limited Liability Corporation

• Not-for-Profit Corporation

• Merger

What combines the benefits of a corporation and a partnership while avoiding some of the restrictions and disadvantages?

• Sole Proprietorship

• Limited Liability Corporation

• Internal Expansion

• Unlimited Liability

What is a corporation organized to provide a social, educational, religious, or other service rather than to earn a profit?

• Joint Venture

• Not-for-Profit Corporation

• Syndicate

• General Partner

What is an agreement between two or more groups to form a business entity in order to achieve a specific goal or to operate for a specific period of time?

• Merger

• Internal Expansion

• Joint Venture

• Limited Liability

What is a temporary association of individuals or firms organized to perform a specific task that requires a large amount of money?

• Syndicate

• Partnership

• Corporation

• S Corporation

What refers to the growth of a company by increasing its own production capacity, sales, or market share, rather than through mergers or acquisitions?

• Merger

• Internal Expansion

• Limited Liability

• General Partner

What is the combining of two corporations or other business entities to form one business?

• Syndicate

• Merger

• Partnership

• Sole Proprietorship