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Chapter 3 Quiz

Authored by Marcus Minnifield

Specialty

9th - 12th Grade

Used 10+ times

Chapter 3 Quiz
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24 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which type of business ownership provides limited liability for the owner(s)?

Corporation
Sole proprietorship
General partnership
All of the above

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

One advantage of a general partnership over a sole proprietorship is a general partnership

provides limited liability
is a corporation
provides unlimited liability
can rely on more than one person for financial backing

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following phrases best describes a wholesaling business?

a business that converts materials into products for sale
a business that sells products to final buyers
a business that performs services
a business that sells products to retailers

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Most businesses in the United States are

corporations
partnerships
sole proprietorships
cooperatives

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Over the past fifty year, the American economy has changed in what way?

manufacturing has replaced retailing as the most dominant industry
service businesses have become for less important to the economy
wholesaling has become the dominant industry in the economy
service and trade businesses have become the dominant industries

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following statements about corporations is true?

corporations are easier to set up than sole proprietorships
a limited partnership is a type of corporation
corporations sell stock to raise money
a cooperative is a type of corporation

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The businesses predicted to undergo the most growth in the coming decade are

primarily service businesses
primarily manufacturing businesses
businesses that convert materials into products
businesses that sell retail products to wholesalers

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