Forms Of Business Ownership Trivia Quiz

10 Questions | Total Attempts: 82

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Forms Of Business Ownership Trivia Quiz

Forms Of Business Ownership


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 ____________________________________________.
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