Types Of Business Ownership! Trivia Quiz

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Types Of Business Ownership! Trivia Quiz - Quiz

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Questions and Answers
  • 1. 
    An LLC (limited liability company) is a hybrid of two types of business ownerships below.
    • A. 

      Partnership

    • B. 

      Franchise

    • C. 

      Sole Proprietorship

    • D. 

      Corporation

    • E. 

      Cooperative

  • 2. 
    Which type of ownership below has limited liability for its owners?
    • A. 

      Sole Proprietorship

    • B. 

      Corporation

    • C. 

      Partnership

  • 3. 
    Which of the following is NOT a characteristic of a sole proprietorship?
    • A. 

      Unlimited liability

    • B. 

      You are the boss!

    • C. 

      You keep most of the profits

    • D. 

      Business does not end when the owner dies

  • 4. 
    Hawaiian Humane Society provides services for animals.
    • A. 

      At a high profit margin

    • B. 

      For no proft

  • 5. 
    Which of the following are NOT franchises?
    • A. 

      Taco Bell

    • B. 

      Nike

    • C. 

      McDonalds

    • D. 

      Subway

  • 6. 
    Which of the following is an example of a cooperative discussed in class?
    • A. 

      Florida apple farmers

    • B. 

      Florida cranberry farmers

    • C. 

      Florida orange farmers

  • 7. 
    Which items fit the description of a partnership type of business ownership? 
    • A. 

      More money

    • B. 

      Limited liability

    • C. 

      More Skills

    • D. 

      Possibility of arguments

  • 8. 
    In a corporation....
    • A. 

      The company does not die when the owner dies

    • B. 

      The company shuts down when the owner dies

  • 9. 
    Which items are cons to having a corporation? 
    • A. 

      Double taxation

    • B. 

      Creating capital through stocks

    • C. 

      Government regulation

    • D. 

      Limited liability

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