Willey 1 Accounting:  Introduction to Financial Statements

Willey 1 Accounting: Introduction to Financial Statements

9th Grade

•

39 Qs

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Willey 1 Accounting:  Introduction to Financial Statements

Willey 1 Accounting: Introduction to Financial Statements

Assessment

Quiz

•

Business

•

9th Grade

•

Practice Problem

•

Easy

Created by

David Austin

Used 2+ times

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39 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What is the definition of a sole proprietorship?

A business owned and operated by a single individual

A business owned by shareholders

A partnership between two or more individuals

A corporation owned by a board of directors

2.

MULTIPLE SELECT QUESTION

3 mins • 1 pt

What is an advantages of a sole proprietorship?

Simple to establish

Corporate Controlled

Multiple Shareholders

All of the questions

3.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which of the following are examples of typical sole proprietorships?

Freelance writer

Local bakery

Independent consultant

All of the above

4.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What is the definition of a Partnership?

A business organization where two or more individuals manage and operate the business.

A type of business owned by a single individual.

A large company with many shareholders.

A non-profit organization.

5.

MULTIPLE SELECT QUESTION

3 mins • 1 pt

What is an advantage of a partnership?

One owner

No personal liability

Easy to transfer ownership

Tax advantages

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What type of businesses typically form partnerships?

Corporations

Large manufacturing plants with many owners

Lawyers, doctors, and Accountants

Non-profit organizations

7.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which of the following best defines a Corporation?

A legal entity that is separate and distinct from its owners

A type of partnership where partners share equal responsibility

A small business owned by a single individual

A non-profit organization focused on charitable activities

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