How many owners does a Sole Proprietorship have?
Business Organization

Quiz
•
Other
•
9th - 12th Grade
•
Medium
Travisray Salyers
Used 205+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
2
2-3
1
Many
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Which of the following statements about a Sole Proprietorship is incorrect?
Totally responsible for all debts and liabilities
Get to keep all the profits
Purpose is something other than making a profit
Income is taxes as a personal income
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
In a partnership, how many owners are there?
1
No Owners
Has many shareholders
2 or more owners
4.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Which of the following statements about a Partnership is incorrect?
Owners share the profits and have a legal agreement
You don't only take on your own debt, but your fellow business owner's debt
Income is taxed as a personal income
You can discontinue anytime you want
5.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Why would someone set-up their business as a LLC?
They double their profits
Don't get taxed
Protects their personal assets from the business's debt
It's easier to start up because many owners are involved and bring in lots of money
6.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
What does LLC stand for?
Liability Left Company
Limited Liability Company
Unlimited Liability Company
It doesn't mean anything
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
What is the purpose of a Non-profit business structure?
To gain as much profit as possible
Taxed like a corporation
To not make money
A cause that is something other than making a profit
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