Business Ownership Types Quiz

A business that is owned equally by three people is categorized as which type of ownership?

• Corporation

• Sole Proprietorship

• Partnership

• Franchise

What type of business has been granted a charter from the state?

• Partnership

• Corporation

• Sole Proprietorship

• Cooperative

In which type of business are shareholders not responsible for debts?

• Sole Proprietorship

• Partnership

• Corporation

• Limited Liability Company

A business owned and operated by one person is known as what?

• Corporation

• Partnership

• Sole Proprietorship

• Joint Venture

Which business agreement ends if one of the four owners dies or leaves?

• Corporation

• Partnership

• Sole Proprietorship

• Limited Partnership

In which type of business does one person have final authority on all decisions?

• Corporation

• Partnership

• Sole Proprietorship

• Cooperative

Which type of business has most of the rights and responsibilities of a real person?

• Partnership

• Corporation

• Sole Proprietorship

• Nonprofit Organization

Which business will continue even if one of the several owners dies or leaves?

• Sole Proprietorship

• Partnership

• Corporation

• Joint Venture

In which type of business is the single owner personally responsible for all debts?

• Corporation

• Partnership

• Sole Proprietorship

• Limited Liability Company

In which type of business are two owners each personally responsible for all debts?

• Corporation

• Partnership

• Sole Proprietorship

• Limited Partnership