Characteristics of Business

Characteristics of Business

12th Grade

15 Qs

quiz-placeholder

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Characteristics of Business

Characteristics of Business

Assessment

Quiz

Social Studies

12th Grade

Easy

Created by

John Robinson

Used 1+ times

FREE Resource

15 questions

Show all answers

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

Media Image

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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