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Types And Basic Features of Business Enterprises/Organisations - SS1 Economics Past Questions and Answers - page 1

1

Which type of business has unlimited liability for the owner?

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A

Corporation

B

Ā Limited Liability Company

Ā 

C

Sole ProprietorshipĀ 

D

Partnership

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2

Which type of business is owned by shareholders?

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A

Corporation

Ā 

B

Limited Liability Company

Ā 

Ā 

Ā 

C

Sole Proprietorship

D

Partnership

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3

Which type of business combines the benefits of a corporation and a partnership?

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A

CorporationĀ 

B

Limited Liability Company

Ā 

Ā 

Ā 

C

Sole Proprietorship

D

Cooperative

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4

Which type of business is owned and operated by a group of individuals who share the profits and have a say in the management of the business?

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A

Ā Corporation

B

Limited Liability Company

C

Sole Proprietorship

D

Cooperative

Ā 

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5

Which type of business has partners who share the profits and losses of the business?

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A

Corporation

Ā 

B

Limited Liability Company

Ā 

Ā 

Ā 

C

Sole Proprietorship

D

Partnership

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6

What is a sole proprietorship?

Ā 

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7

What is a corporation?

Ā 

Ā 

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