The Advantage of a sole proprietorship include: - ease of formation - total ownership of profit - total control of business decisions - All of the above
Unit 3 Economics Review

Quiz
•
Social Studies
•
12th Grade
•
Hard
TIMOTHY BALASA
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
ease of formation
total ownership of profit
total control of business decisions
All of the above
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A business that is legally distinct from its owners and considered an entity in its own right is a:
corporation
partnership
proprietorship
franchise
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The owners of a corporation are:
its stockholders
its president
its employees
its board of directors
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The disadvantages of proprietorships include unlimited liability, limited ability to raise funds, and....
limited life of the business
difficulty in forming
possibility for conflict
double taxation of profits
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following business organizations combines two or more people's specialization with equal decision making authority?
partnership
sole proprietorship
corporation
franchise
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a perfectly competitive market, products must be
identical
slightly different
unique
all of the above
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When a single producer has complete control over one kind of good or service, the market structure is called
monopoly
oligopoly
monopolistic competitive
perfectly competitive
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