6.1 Business Association Structures Quiz

What is the simplest form of business ownership?

• Partnerships

• Companies

• Co-operatives

• Sole Proprietorships

Which business structure offers complete decision-making authority to the owner?

• Companies

• Partnerships

• Sole Proprietorships

• Co-operatives

In which business structure do partners share personal liability for the partnership's debts?

• Sole Proprietorships

• Companies

• Co-operatives

• Partnerships

Which type of business association involves pooling resources to achieve a common economic goal?

• Sole Proprietorships

• Co-operatives

• Partnerships

• Companies

What is a government-created entity established to fulfill specific public functions?

• Companies

• Co-operatives

• Statutory Corporations

• Partnerships

Which business structure provides limited liability to owners?

• Partnerships

• Sole Proprietorships

• Companies

• Co-operatives

Which business structure is regulated by specific legislation like the Co-operative Societies Act?

• Sole Proprietorships

• Companies

• Co-operatives

• Partnerships

In which business structure do all profits belong to the sole proprietor?

• Companies

• Partnerships

• Sole Proprietorships

• Co-operatives

Which business association type is common in professions like accounting, law, and veterinary practices?

• Co-operatives

• Partnerships

• Sole Proprietorships

• Companies

Which business structure involves two or more individuals agreeing to co-own and manage a business venture?

• Sole Proprietorships

• Co-operatives

• Companies

• Partnerships