
Different business types
Authored by Lorraine Allwood
Special Education
12th Grade
Used 1+ times

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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the simplest and most common structure chosen to start a business?
Sole Proprietorship
Limited Liability Company
Partnership
Corporation
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a general partnership, how are liabilities and responsibilities handled?
Only the limited partners are responsible
Only the general partner is responsible
All partners have equal responsibility
Responsibilities are divided based on investment
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What distinguishes a limited partnership from a general partnership?
One partner is a general partner and at least one is a limited partner
It has only one owner
All partners have limited liability
It cannot incur debts
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a key feature of a Limited Liability Partnership (LLP)?
All of the owners have limited personal liability
Only one partner has limited liability
All partners have unlimited personal liability
It is owned by shareholders
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who elects the board of directors in a corporation?
The government
The CEO
The shareholders
The employees
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a unique feature of a Limited Liability Company (LLC)?
It cannot have employees
It is owned by a single individual
Owners are personally responsible for debts
Owners have protection from business failure
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a franchise?
A partnership with limited liability
A type of corporation
An authorization to carry out specific commercial activities
A sole proprietorship with multiple locations
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