WorksheetsUnit 3 Quiz Review
Total questions: 13
Worksheet time: 7mins
a type of enterprise owned and run by one person and in which there is no legal distinction between the owner and the business entity
Corporation
LLC
Partnership
Sole Proprietorship
The total amount of a company's sales and other sources of income
Total Revenue
Marginal Cost
Opportunity Cost
Net Income
a document setting out a business's future objectives and strategies for achieving them.
Business Plan
Investors
Partnership Agreement
Liability
True or False: a business structure in the U.S. that protects its owners from personal responsibility for its debts or liabilities. → Partnership
True
False
True or False: a person or organization that puts money into financial plans, property, etc. with the expectation of achieving a profit. → Investors
True
False
What type of ownership is a Partnership?
1 person
2 or more
stockholders
l
What type of Liability is a partnership?
Unlimited unless structured as a limited partnership
No Personal Liability
Unlimited Personal Liability
What type(s) of taxes do partnerships have to pay?
Personal or Corporate Tax
Self Employment & Personal Taxes
Corporate Taxes
Personal Tax Only
What is it called when a company's total revenue is LESS than its total expense?
Expenses
Net Loss
Net Income
Revenue
What is it called when a company's total revenue is GREATER than its total expenses?
Net Income
Gain
Net Loss
Revenue Statement
a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
Corporation
Organization
Partnership
LLC
C
an arrangement between two or more people to oversee business operations and share its profits and liabilities
Corporation
Partnership
LLP
LLC
The additional benefit arising from a unit increase in a particular activity:
Opportunity Cost
Marginal Benefit
Total Cost
Marginal Cost
