Business Structures
Flashcard
•
Other
•
7th Grade
•
Hard
Wayground Content
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38 questions
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1.
FLASHCARD QUESTION
Front
An advantage of a corporation is that
Back
owners have limited liability for debt.
2.
FLASHCARD QUESTION
Front
Barry and two associates have been operating a business that is not going well. Barry is stressed out because the company is over $200,000 in debt and he knows that if it goes out of business, he and his two associates will have to pay it out of their own pockets. It sounds like Barry and his two associates have a
Back
partnership.
3.
FLASHCARD QUESTION
Front
Mr. Simpson is liable for all the debts of his company. Mr. Simpson has which type of business organization? Options: sole proprietorship, monopoly, perfect competition, corporation
Back
sole proprietorship
4.
FLASHCARD QUESTION
Front
What is one DISADVANTAGE of Ramon's type of business organization? Options: limited liability, ease of start-up, flexibility, unlimited liability
Back
unlimited liability
5.
FLASHCARD QUESTION
Front
Which type of business organization has the advantage of limited liability but the disadvantage of less control over business decisions? Options: perfect competition, partnership, sole proprietorship, corporation
Back
corporation
6.
FLASHCARD QUESTION
Front
The MOST LIKELY reason for an entrepreneur to start a new business is: to make a profit., to risk financial failure., to create a new social benefit., to discover a new product.
Back
to make a profit.
7.
FLASHCARD QUESTION
Front
The liability that partners in a partnership have
Back
Unlimited
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