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Forms of ownership

Quiz by Eclat Masonto

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11 questions
Show answers
  • Q1
    What is a key benefit of sole proprietorship?
    Limited liability protection
    Higher taxes than corporations
    Complete control over business decisions
    Shared profits with partners
    30s
  • Q2
    Which form of ownership involves two or more people sharing the management and profits?
    Corporation
    Limited liability company (LLC)
    Sole proprietorship
    Partnership
    30s
  • Q3
    What is a defining characteristic of a corporation?
    It is a separate legal entity from its owners
    It is owned by a single individual
    It has unlimited liability
    It cannot sell shares
    30s
  • Q4
    In which form of ownership do shareholders own a portion of the business?
    Sole proprietorship
    Partnership
    Corporation
    Franchise
    30s
  • Q5
    What is one disadvantage of a partnership?
    Complete decision-making power
    Limited liability
    No taxes on business income
    Shared profits with partners
    30s
  • Q6
    Which form of ownership is the simplest and least expensive to establish?
    Partnership
    Limited liability company (LLC)
    Sole proprietorship
    Corporation
    30s
  • Q7
    What type of ownership involves two or more people sharing the profits and responsibilities of a business?
    Partnership
    Corporation
    Franchise
    Sole Proprietorship
    30s
  • Q8
    Which form of ownership is characterized by limited liability for its owners and can sell shares to the public?

    public  company 

    Corporation
    Sole Proprietorship
    Non-Profit Organization
    Partnership
    30s
  • Q9

    How many members are supposed to be involved in close corporation?  

    2

    1

    5

    1

    30s
  • Q10

    Two Forms of ownership with Unlimited liability 

    partnership and Close corporation 

    public company and private 

    sole trader and partnership 

    Private company and sole trader 

    30s
  • Q11

    What is type of ownership that need partnership agreement and apply for trading license ?

    close corporation 

    private company 

    partnership 

    sole 

    30s

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