What is the most common type of business ownership?
#1 Business Ownership Quiz

Quiz
•
Business
•
12th Grade
•
Medium
Cristina Hackett
Used 6+ times
FREE Resource
9 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Sole Proprietorship
Partnership
Corporation
Limited Liability Company
2.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
What is the main advantage of a Sole Proprietorship?
You are the boss.
Shared start-up costs.
Personal liability protection.
Separation of personal and professional assets.
3.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Olivia has started a small bakery business as a sole proprietorship. What is the main disadvantage she might face?
She might face unlimited liability
She might face disagreements with partners
The business might need to answer to the board of directors
She might face double taxation
4.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Oliver is considering starting a Sole Proprietorship. What could be the disadvantage of his decision?
Oliver might have limited financial resources.
Oliver might face unlimited personal liability.
David and Anika noticed that Oliver has a heavy workload.
All of the above.
5.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Elijah, Noah, and Avery are planning to start a business together. What would be the main advantage if they form a partnership?
Shared responsibility
Unlimited liability
Double taxation
Costly
6.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
James is considering starting a Sole Proprietorship. What could be the main disadvantage for him?
He will have to share decision-making with Lily and Avery
He will have unlimited personal liability
He will have low start-up costs
He will have to share profits with Lily and Avery
7.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Charlotte, Maya, and Aiden are planning to start a partnership business. What could be the disadvantage they might face in their partnership?
They might face unlimited personal liability.
They might face conflict between each other.
They might face difficulty in transferring ownership.
All of the above.
8.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Liam, Priya, and Noah are planning to start a business together. They are considering forming a Limited Liability Company. What would be the main advantage for them if they choose this type of business structure?
They would face double taxation.
They would have no liability.
They would have flexibility in management.
They would face disagreements.
9.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Lily, Harper, and Samuel have decided to start a business together. What type of business structure is this?
A business owned and operated by one individual
A form of ownership that involves two or more owners
A legal entity that is separate from its owners
A corporation that operates to accomplish a special mission
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