Business Concepts Quiz

What is the primary goal of a business?

• To provide goods and services

• To generate profit

• To create jobs

• To innovate

What type of business is owned and operated by a single individual?

• Partnership

• Corporation

• Sole Proprietorship

• Cooperative

Which type of partnership includes general partners and limited partners?

• Sole Proprietorship

• General Partnership

• Limited Partnership

• Corporation

What is a key advantage of a Corporation?

• Unlimited liability

• Limited liability for owners

• Simple tax structure

• Direct control by owners

What does 'Market Share' refer to?

• Total income generated by a business

• Percentage of total sales controlled by a company

• The relationship between supply and demand

• The ownership value in a business

What is a disadvantage of a Sole Proprietorship?

• Unlimited liability

• Shared profits

• Complex regulations

• Limited liability

In a Limited Partnership, who has management authority?

• Limited partners

• General partners

• All partners

• Members

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

• Unlimited liability

• Complex regulations

• Limited liability for owners

• Double taxation

Which type of corporation allows profits to be passed directly to shareholders to avoid double taxation?

• C-Corp

• S-Corp

• Limited Partnership

• General Partnership

What role do businesses play in economic growth?

• They create monopolies

• They generate wealth and pay taxes

• They limit job opportunities

• They reduce market competition