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WorksheetsIntro to Business
Total questions: 17
Worksheet time: 9mins
Name
Class
Date
1.
What is a partnership?
a)
A business owned and operated by multiple people
b)
A business in which owners are shareholders
c)
A business that relieves owners of personal responsibility for debts
d)
A business owned and operated by a single person
2.
What is a limited liability company (LLC)?
a)
A business owned and operated by multiple people
b)
A business owned and operated by a single person
c)
A business in which owners are shareholders
d)
A business that relieves owners of personal responsibility for debts
3.
What is the role of businesses in the economy?
a)
Produce goods and services
b)
Create jobs
c)
Contribute to overall health and growth of the economy
d)
All of the above
4.
What type of business is Hewlett Packard (HP)?
a)
Corporation
b)
Partnership
c)
LLC
d)
Sole Proprietorship
5.
What is a disadvantage of a sole proprietorship?
a)
Single owner
b)
Limited liability
c)
Flexible management
d)
Unlimited liability
6.
Which company is an example of a corporation?
a)
Ebay
b)
Chrysler
c)
Hewlett Packard (HP)
d)
Apple
7.
What do businesses provide to fulfill the needs and wants of consumers?
a)
Unemployment rates
b)
Goods and services
c)
Wealth and resources
d)
Jobs
8.
What is a corporation?
a)
A business owned and operated by multiple people
b)
A business owned and operated by a single person
c)
A business in which owners are shareholders
d)
A business that relieves owners of personal responsibility for debts
9.
What is one of the significant contributions of businesses to the economy?
a)
Reducing unemployment rates
b)
Limiting consumer choice
c)
Decreasing living standards
d)
Increasing poverty rates
10.
What is the main characteristic of a corporation?
a)
Owners referred to as shareholders
b)
Shared profits and losses among partners
c)
Responsibility for business liabilities falls on the LLC
d)
Legal separation between the business and the owner
11.
What is an advantage of a corporation?
a)
Single owner
b)
Unlimited liability
c)
Limited liability
d)
Flexible management
12.
What is a characteristic of a partnership?
a)
Unlimited liability
b)
Limited liability
c)
Single owner
d)
Separate legal entity
13.
What is an example of an LLC?
a)
Chrysler
b)
Ebay
c)
Hewlett Packard (HP)
d)
Apple
14.
What is the main characteristic of a limited liability company (LLC)?
a)
Owners referred to as shareholders
b)
Legal separation between the business and the owner
c)
Responsibility for business liabilities falls on the LLC
d)
Shared profits and losses among partners
15.
What is the main characteristic of a partnership?
a)
Shared profits and losses among partners
b)
Responsibility for business liabilities falls on the LLC
c)
Legal separation between the business and the owner
d)
Owners referred to as shareholders
16.
What type of business is Ebay?
a)
Sole Proprietorship
b)
Partnership
c)
LLC
d)
Corporation
17.
What is a sole proprietorship?
a)
A business owned and operated by a single person
b)
A business owned and operated by multiple people
c)
A business in which owners are shareholders
d)
A business that relieves owners of personal responsibility for debts
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