Which of the following is a legal form of ownership?

Legal Forms of Ownership Quiz

Quiz
•
Business
•
University
•
Hard

Claudie-Ann Tremblay-Cantin
FREE Resource
68 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Franchise
Sole proprietorship
Cooperative
Non-profit
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one requirement for setting up a corporation?
No legal documentation needed
Must have a single owner
Must be registered with the state
Cannot have shareholders
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which legal form of ownership involves two or more people sharing profits and responsibilities?
Sole proprietorship
Partnership
Corporation
Franchise
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an advantage of a corporation compared to a sole proprietorship?
Easier to set up
Limited liability for owners
No need for legal documentation
Owners have complete control
5.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Which of the following is a type of business ownership
Sole proprietor
Partnership
Cooperative
corporation
Franchise
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does the form of ownership influence decision-making in a business?
It determines the company's mission statement
It affects the allocation of resources
It sets the company's pricing strategy
It influences the choice of suppliers
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which business form is typically managed by a single individual?
Corporations
Partnerships
Sole Proprietorships
Cooperatives
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