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20 QuestionsShow answers
Question 1
SURVEY
30 seconds
Q. Sara’s Hair Palace is a small, locally owned beauty salon in Sterling. This represents what type of business?
answer choices
corporation
partnership
sole proprietorship
Question 2
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30 seconds
Q. Susie is starting her own lemonade store. What economic term would best describe Susie and what does that term mean?
answer choices
Consumer – a person who uses or consumes goods
Partnership – partner in the lemonade stand
Entrepreneur- - person who takes a risk to start a new company
Question 3
SURVEY
30 seconds
Q. Dan has $5,000. He wants to invest his money in the type of business that has the least amount of liability. In which type of business should he invest?
answer choices
corporation
partnership
proprietorship
Question 4
SURVEY
30 seconds
Q. A business partnership has ___________ who share the risks and the profits.
answer choices
One owner
No more than three owners
Two or more owners
Five or more owners
Question 5
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30 seconds
Q. In which of the following would one person be responsible for all of the risks but also receive all of the profits?
answer choices
Corporation
Propreitership
Partnership
Dual owner business
Question 6
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30 seconds
Q. What do we call a person who is willing to take the risks of starting a business in order to make a profit?
answer choices
Proprieter
Partner
Entrepreneur
Incorporater
Question 7
SURVEY
30 seconds
Q. Decreased government spending may result in _____ taxes.
answer choices
higher
more
lower
Question 8
SURVEY
30 seconds
Q. Which of the following is an advantage of sole proprietorships:
answer choices
Limited liability
Unlimited financial power
Dual taxation
Quick decision making
Question 9
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30 seconds
Q. Which of the following is a disadvantage of sole proprietorships:
answer choices
Limited capital
Control
Privacy
Tax liability
Question 10
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30 seconds
Q. Which of the following is an advantage of general partnerships:
answer choices
Limited capital
Unlimited liability
Easy to end
Combined capabilities
Question 11
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30 seconds
Q. Which of the following is an advantage of the corporation as a form of business ownership:
answer choices
Less complex requirements
Separate owners and managers
Limited liability
High Taxes
Question 12
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30 seconds
Q. Two local business owners want to reduce competition, so they decide to form one organization from the two companies. This is an example of a
answer choices
monopoly.
hostile takeover.
merger.
trading bloc.
Question 13
SURVEY
30 seconds
Q. A business owner who prefers to maintain complete control of all business activities might consider structuring the venture as a(n)
answer choices
sole proprietorship
general partnership.
franchise
corporation.
Question 14
SURVEY
30 seconds
Q. What is a company called that sells stock to raise money?
answer choices
Partnership
Corporation
Sole Proprietorship
Limited Partnership
Question 15
SURVEY
30 seconds
Q. How is a corporation different from a sole proprietorship?
answer choices
Corporations are owned by only one person
Corporations can sell stock to raise money for the business.
Sole proprietorships have limited liability for the owners.
Sole proprietorships require a legal charter to start the business.
Question 16
SURVEY
30 seconds
Q. Which business type makes up approximately 75% of all businesses?
answer choices
Sole Proprietorship
Partnership
Corporation
Question 17
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30 seconds
Q. Which business type has the most sales in the USA?
answer choices
Sole Proprietorship
Partnership
Corporation
Question 18
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30 seconds
Q. Of the three types of businesses, which one provides the most jobs? (Hint: Which one is the most common?)
answer choices
Corporation
Partnership
Sole proprietorship
None of these are correct
Question 19
SURVEY
30 seconds
Q. An entrepreneur can choose to have which type of business organization?