How much do you know about different types of business? Take this 'Types of Business Quiz Exam' and test your knowledge of business types. The different business types include limited liability partnerships, sole proprietorship, partnerships, corporations, non-profit organizations, etc. Sole proprietorships are the most commonplace types of businesses in the United States. It provides a simple structure that permits owners to have total control over company operations. With this quiz, gauge your understanding of businesses and their types.
Enforces government regulations
Takes the risk to earn profit
Sets the interest rates at banks
Manages financial investments
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Use of name
Advertising
Ideas
All of the above
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The business only employs one person
The business is owned by one person
The firm has a single customer
There is a single firm in the industry.
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True
False
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True
False
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Ease of formation
Owners share responsibilities
Limited liability
Possibility of personality conflict
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Sole Proprietorship
Corporation
Franchise
Multinational Corporation
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Minimal government regulation
Limited liability
Short life span
It has one owner
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True
False
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Investment, unincorporated
Distribution, unincorporated
Production, unincorporated
Theft, unincorporated
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Partnership
Sole proprietorship
Coperation
Single trade
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Expansion is not fast
Bad reputation from poor management would affect the franchisor
The franchisor doesn't have any responsibility over the franchisee
All of the above
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Disagreements between partners
Knowledge about the country operated is ready with the partner
You share profits
All of these
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Both partners share costs
Risks are shared
Difficulties of different cultures
Profits are not enough
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True
False
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More available capital
Limited liability
Incorporated business
The business and the owner don't have separate identities
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True
False
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Private, unlimited
Public, limited
Private, limited
Public, unlimited
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Lots of legal formalities
Limited liabilities
Unincorporated business
Incorporated business
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