Characteristics of Business
Authored by John Robinson
Social Studies
12th Grade
Used 1+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Advantages include limited liability for owners, unlimited life, and ease of transfer of ownership.
Sole Propriotorship
Partnership
Corporation
Franchise
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.
Sole Proprietorship
Partnership
Corporation
Franchise
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is a business owned by stockholders/investors but operated by others?
Sole Proprietorship
Partnership
Corporation
Limited Liability Partnership
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which characteristic of business involves the ability to continue operations indefinitely?
Limited Liability
Unlimited Life
Ease of Transfer
Profit Motive
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is a primary advantage of a corporation over a sole proprietorship?
Unlimited Liability
Limited Life
Ease of Transfer of Ownership
Single Taxation
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which type of business structure is characterized by shared decision-making and shared profits?
Corporation
Sole Proprietorship
Partnership
Franchise
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is a key characteristic of a franchise?
Owned by a single individual
Operates under a parent company's brand
Unlimited liability
No initial fees
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