Business Types, Good, Services Review

What is a sole proprietorship?

• A business owned by multiple people

• A business owned by one person

• A large company owned by shareholders

• A company with limited liability

Which type of business involves two or more people sharing ownership?

• Corporation

• Sole Proprietorship

• Partnership

• LLC

What is a corporation?

• A small business owned by one person

• A business owned by two friends

• A large company owned by shareholders

• A company that provides services

What does LLC stand for?

• Limited Liability Corporation

• Limited Liability Company

• Large Liability Company

• Limited Legal Company

What is the main purpose of an LLC?

• To increase profits

• To protect personal assets of its owners

• To expand globally

• To reduce taxes

What are goods in a business context?

• Actions businesses perform

• Physical items businesses sell

• Services provided by companies

• Digital products

What are services in a business context?

• Physical items businesses sell

• Actions businesses perform

• Digital products

• Financial transactions

Which of the following is an example of a good?

• Haircut

• Tutoring

• Bread

• Car repair

Which of the following is an example of a service?

• Clothes

• Phones

• Food

• Haircuts

What does CSR stand for in a business context?

• Corporate Social Responsibility

• Customer Service Relations

• Company Sales Revenue

• Corporate Sales Report