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Legal business structures and the Business Life Cycle Warm-Ups 2/7/25

Quiz by Nekeisha King-Price

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10 questions
Show answers
  • Q1
    Which legal business structure provides limited liability protection to its owners?
    Corporation
    Sole Proprietorship
    Limited Liability Company (LLC)
    General Partnership
    30s
  • Q2
    Which stage in the business life cycle focuses on evaluating and optimizing operations?
    Decline
    Growth
    Maturity
    Startup
    30s
  • Q3
    What is a key characteristic of a Sole Proprietorship?
    Limited liability
    Single ownership
    Formal registration required
    Multiple owners
    30s
  • Q4
    What is a primary advantage of forming an S-Corporation compared to a C-Corporation?
    Ability to issue different classes of stock.
    Unlimited number of shareholders.
    Avoiding double taxation on corporate income.
    Easier access to venture capital.
    30s
  • Q5
    Which of the following is a requirement for a corporation to qualify as an S-Corporation?
    It must have 100 or fewer shareholders.
    It must operate in multiple states.
    It must be a publicly traded company.
    It must have at least one foreign shareholder.
    30s
  • Q6
    Which type of corporation allows for the distribution of dividends to shareholders without incurring double taxation?
    Partnership
    C-Corporation
    Limited Liability Company (LLC)
    S-Corporation
    30s
  • Q7
    What is one requirement that S-Corporations must meet regarding shareholders?
    All shareholders must be U.S. citizens or residents.
    Shareholders can be any nationality.
    There is no limit to the number of shareholders regardless of nationality.
    Shareholders must be employees of the corporation.
    30s
  • Q8
    What is one limitation of an S-Corporation that does not apply to a C-Corporation?
    S-Corporations cannot have more than 100 shareholders.
    S-Corporations are taxed at a lower rate than C-Corporations.
    S-Corporations can have foreign investors.
    S-Corporations can issue multiple classes of stock.
    30s
  • Q9
    Which phase of the Business Life Cycle is typically characterized by stabilization and maximization of profits?
    Growth
    Maturity
    Decline
    Startup
    30s
  • Q10
    What stage of the business life cycle is characterized by rapid growth and increasing market share?
    Decline
    Growth
    Maturity
    Startup
    30s

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