Forms Of Business Ownership! Trivia Questions Quiz

10 Questions | By Stan Brown | Last updated: Mar 22, 2022 | Total Attempts: 3230

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Forms Of Business Ownership! Trivia Questions Quiz - Quiz

Do you know that there are many forms of business ownership? A partnership is just one example. During this quiz, you should grasp what the main disadvantage of being a sole proprietor is, what is the disadvantage of a franchise, what are credit unions an example of what, what does it mean to be incorporated, and which type of business do you get to be your own boss. This quiz is all about the different forms of business ownership. Good luck to you.

Questions and Answers

1.

What is the main disadvantage of being a sole proprietor?
- A.
  
  High start up costs
- B.
  
  Limited skills
- C.
  
  Unlimited liability
2.

When a corporate owner dies, the corporation ceases to exit.
- A.
  
  True
- B.
  
  False
- C.
  
  Only if he/she is not married
3.

An advantage of a partnership is having access to more ___________________.
4.

A disadvantage of a franchise is ___________________________.
- A.
  
  Name recognition
- B.
  
  High cost to purchase
- C.
  
  Limited market
5.

A partnership is made up of 2 people.
- A.
  
  True
- B.
  
  False
- C.
  
  If they agree
6.

Non-Profit corporations are not required to pay ___________ on their profits.
7.

Credit Unions are an example of a ___________________.
- A.
  
  Cooperative
- B.
  
  Franchise
- C.
  
  Partnership
8.

A sole proprietorship is taxed only once.
- A.
  
  True
- B.
  
  False
9.

Being incorporated provides limited liabilty for its owners.
- A.
  
  True
- B.
  
  False
- C.
  
  If they are of legal age
10.

If you want to be your own boss, make your own decisions, and keep all of the profits to yourself; you want to form a ____________________________________________.