Types of Businesses Study Guide/Review
Authored by JENNIFER RIDDLEBARGER
Business
11th Grade
Used 4+ times
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50 questions
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1.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
What is liability in business terms?
The profit a company makes
The legal responsibility for actions, debts, and obligations
The amount of taxes owed
A company’s reputation
2.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Which of the following business structures has unlimited liability?
Corporation
Sole Proprietorship
Limited Liability Company (LLC)
S Corporation
3.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
What is a key advantage of a sole proprietorship?
Limited liability
Shared decision-making
Easy to start and minimal legal requirements
Large capital investment required
4.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
What is the biggest disadvantage of a sole proprietorship?
Limited liability
Difficulty in making business decisions
Unlimited personal liability
High tax rates
5.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
A partnership is a business owned by:
One person
Two or more people
A corporation
The government
6.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Which type of partnership gives all partners decision-making power and unlimited liability?
General Partnership
Limited Partnership
Limited Liability Partnership (LLP)
Public Partnership
7.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
What is a major advantage of a Limited Partnership (LP)?
All partners share equal liability
Some partners have limited liability
It is easier to raise capital
It requires no legal documentation
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