
Forming a Business
Authored by John Robinson
Social Studies
8th Grade

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15 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the first step in forming a business?
Registering the business name
Creating a business plan
Securing funding
Hiring employees
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is a legal structure for a business?
Sole proprietorship
Partnership
Corporation
All of the above
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is a key advantage of forming a corporation?
Unlimited liability
Tax benefits
Limited liability
Simple to set up
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which document outlines the goals and strategies of a business?
Business plan
Articles of incorporation
Operating agreement
Shareholder agreement
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the purpose of a business license?
To protect the business name
To legally operate in a specific location
To hire employees
To open a bank account
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is a disadvantage of a sole proprietorship?
Limited liability
Double taxation
Unlimited liability
Complex regulations
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is an EIN and why is it important for a business?
Employee Identification Number, for hiring
Employer Identification Number, for tax purposes
Enterprise Identification Number, for branding
Entity Identification Number, for legal status
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