Business Terminology Quiz

What is a Sole Proprietorship?

• A business organization owned by 2 or more persons

• A semi-independent business that pays fees to a parent company

• A business owned and managed by one person

• A type of general partnership where every partner has a limited personal liability

What does Zoning Law refer to?

• The legal obligation to pay debts

• Laws in a city or town that designate certain areas for residential and business use

• Payments to employees other than wages or salaries

• A semi-independent business that pays fees to a parent company

What is the definition of liability?

• Money and other valuables

• The legal obligation to pay debts

• A business organization owned by 2 or more persons

• A semi-independent business that pays fees to a parent company

What are fringe benefits?

• A type of general partnership where every partner has a limited personal liability

• A business organization owned by 2 or more persons

• Payments to employees other than wages or salaries

• The legal obligation to pay debts

What is a partnership in business terms?

• A semi-independent business that pays fees to a parent company

• A business owned and managed by one person

• A business organization owned by 2 or more persons who agree on a specific division of responsibilities and profits

• The legal obligation to pay debts

What characterizes a General Partnership?

• All partners have limited liability but cannot participate in management

• All partners share equally in both responsibility and liability

• Only one partner manages the business and has unlimited personal liability

• It is a semi-independent business that pays fees to a parent company

What is a limited partnership?

• A business organization where all partners have equal management rights

• A business owned and managed by one person

• A general partner manages the business with unlimited liability, and there are limited partners with limited liability but no management participation

• A type of general partnership where every partner has a limited personal liability for the debts of the partnership

What is a limited liability partnership?

• A business organization owned by 2 or more persons with equal liability

• A type of general partnership where every partner has a limited personal liability for the debts of the partnership

• A business owned and managed by one person with limited liability

• A semi-independent business that pays fees to a parent company

What are considered assets in business?

• Payments to employees other than wages or salaries

• The legal obligation to pay debts

• Money and other valuables

• A semi-independent business that pays fees to a parent company

What is a business franchise?

• A business organization owned by 2 or more persons

• A business owned and managed by one person

• A type of general partnership where every partner has a limited personal liability

• A semi-independent business that pays fees to a parent company