Competition & Business Structure Quiz

Competition & Business Structure Quiz

12th Grade

15 Qs

quiz-placeholder

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Competition & Business Structure Quiz

Competition & Business Structure Quiz

Assessment

Quiz

others

12th Grade

Practice Problem

Hard

Created by

Terry Walker

Used 1+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What defines a Monopoly?

Many firms with low market power

A single seller or producer excluding competition

A business owned by two or more people

A market with high product differences

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an informal business structure?

Corporations

Sole Proprietorships

LLCs

Limited Partnerships

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which business structure is typically more regulated?

Informal Business Structures

Formal Business Structures

Sole Proprietorships

General Partnerships

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the most common form of business organization?

Corporation

Partnership

Sole Proprietorship

Limited Liability Company

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a potential employment issue for sole proprietorships?

Easy to find employees

Difficult to find good employees

High employee turnover

Overstaffing

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a common feature of all partners in a general partnership?

Limited liability

Full responsibility and liability

No responsibility

No liability

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one of the financial advantages of a franchise?

Unlimited financial assistance

No financial assistance

Some financial assistance

Full financial independence

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