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Forms of Business Ownership

Quiz by Sarah Brubaker

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7 questions
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  • Q1
    Which of the following is NOT a type of business ownership?
    LTD
    Partnership
    Corporation
    Sole proprietorship
    30s
  • Q2
    Which of the following is a characteristic of a sole proprietorship?
    Unlimited liability
    Separate legal entity
    Limited liability
    Shares of stock
    30s
  • Q3
    Which of the following is a characteristic of a partnership?
    Publicly traded shares
    Single owner
    Limited liability
    Shared decision-making
    30s
  • Q4
    Which of the following is a characteristic of a corporation?
    Single owner
    Limited liability
    Unlimited liability
    Easy to set up
    30s
  • Q5
    What is the primary disadvantage of a sole proprietorship?
    Shared decision-making
    Limited liability
    Unlimited liability
    Separate legal entity
    30s
  • Q6
    What is a characteristic of a limited liability company (LLC)?
    Separate legal entity
    Shared decision-making
    Unlimited liability
    Limited liability
    30s
  • Q7
    Which type of business ownership is easiest to start?
    corporation
    partnership
    sole proprietorship
    30s

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