5-1 Types of Business Ownership

5-1 Types of Business Ownership

9th - 12th Grade

10 Qs

quiz-placeholder

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5-1 Types of Business Ownership

5-1 Types of Business Ownership

Assessment

Quiz

Business

9th - 12th Grade

Practice Problem

Hard

Created by

Steve Wills

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the liability type for a sole proprietorship?

No liability

Limited liability

Shared liability

Unlimited liability

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of partnership involves all partners having decision-making power and unlimited liability?

Limited Partnership

Limited Liability Partnership

General Partnership

Silent Partnership

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a key characteristic of a Limited Liability Company (LLC)?

Cannot raise money by selling units

Tax liability is passed directly to owners

Unlimited liability for all members

Must have more than 100 members

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of corporation experiences 'double taxation'?

Non-profit Corporation

C Corporation

B Corporation

S Corporation

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a Benefit Corporation (B Corporation) known for?

Maximizing shareholder value only

High social and environmental performance standards

Unlimited number of shareholders

Being exempt from taxes

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of business ownership is described as having a separate legal entity from its owners?

Sole Proprietorship

Partnership

Corporation

Limited Liability Company

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a significant advantage of a public corporation?

Exemption from financial reporting

No government regulation

Unlimited liability for shareholders

Ability to sell stock and raise capital

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