Semester Exam Quiz

What is a characteristic of a Limited Liability Company (LLC)?

• Single Owner/One Owner

• Publicly owned/traded/funded

• Separates the business from the individuals who own it

• Owner operating under a parent company's guidelines

Which business type is characterized by having a single owner?

• Corporation

• Sole Proprietorship

• General Partnership

• Limited Partnership

Which business type involves two or more owners sharing equal amounts of liabilities and profits?

• Sole Proprietorship

• Limited Partnership

• General Partnership

• Franchise

Which business type involves two or more owners not sharing the same liabilities and profits?

• General Partnership

• Limited Partnership

• Corporation

• Sole Proprietorship

Which business type is owned by shareholders?

• Franchise

• Corporation

• Sole Proprietorship

• Limited Partnership

What is a key feature of a Corporation?

• Single Owner/One Owner

• Publicly owned/traded/funded

• Two or more owners sharing equal liabilities

• Owner operating under a parent company's guidelines

Which of the following is considered a liability?

• Land

• Silver

• Student Loan

• Vehicles (paid off)

For business profits, the business needs to focus on generating more liabilities than assets.

• True

• False

What best describes socialism?

• Citizens have full freedom to choose careers and workplaces.

• The government owns and operates all businesses.

• Medium to high governmental control with high taxation.

• Economic decisions are based on tradition and religion.

Which economic system is known for having the lowest amount of governmental control?

• Communism

• Socialism

• Capitalism

• Mixed Economy