A business organization owned by one person is called:
Economics Chapter 3 Quiz

Quiz
•
Social Studies
•
9th - 12th Grade
•
Medium
Cori Nichols
Used 288+ times
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Limited Partnership
Sole Proprietorship
Corporation
General Partnership
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The most common form of business organization in the United States is:
Limited Partnership
Sole Proprietorship
Corporation
General Partnership
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The owners of a corporation are known as:
Shareholders
Stockholders
Stakeholders
Board of Directors
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which is NOT a disadvantage of a sole proprietorship:
Limited Life
Difficulty raising financial capital
Limited Liability
Long Hours
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This means that the owner(s) is/are personally and financially responsible for the losses of a business:
Financial Capital
Repossession
Business Hardships
Unlimited Liability
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Law firms and doctors offices are usually categorized under what type of business organization:
Partnership
Corporation
Sole Proprietorship
Franchise
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This means that the business no longer exists when the owner dies, quits or sells:
Limited Life
Limited Liability
Limited Contract
Limited Proprietorship
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