Business Organization Quiz

Business Organization Quiz

11th Grade

35 Qs

quiz-placeholder

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Business Organization Quiz

Business Organization Quiz

Assessment

Quiz

Life Skills

11th Grade

Easy

Created by

Morgan Keck

Used 2+ times

FREE Resource

35 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

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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