Which business form is characterized by having a board of directors?

Business Organization Quiz

Quiz
•
Life Skills
•
11th Grade
•
Easy
Morgan Keck
Used 2+ times
FREE Resource
35 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Corporation
Sole Proprietorship
Partnership
Franchise
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the first step in forming a sole proprietorship according to most states?
Obtain an Employer Identification Number
Choose a Business Name
Obtain Licenses and Permits
Pay and Register for Taxes
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a business makes more than $1,000, what is required?
Annual tax filing
Quarterly tax payments to the IRS
Monthly tax payments
No tax payments
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of obtaining an Employer Identification Number?
To register the business name
To identify the business for tax purposes
To obtain business permits
To pay employee salaries
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important to research name restrictions?
To ensure the name is unique and available
To determine tax obligations
To find the best location for the business
To understand employee benefits
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does "debt" mean in the context of a sole proprietorship?
A legal responsibility
Something owed, usually money
A business asset
A profit margin
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does "liability" refer to in a business context?
Being legally responsible for something
A type of business profit
A marketing strategy
An employee benefit
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