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

1

Which type of business has unlimited liability for the owner?

A

Corporation

B

 Limited Liability Company

 

C

Sole Proprietorship 

D

Partnership

CORRECT OPTION: c
2

Which type of business is owned by shareholders?

A

Corporation

 

B

Limited Liability Company

 

 

 

C

Sole Proprietorship

D

Partnership

CORRECT OPTION: a
3

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

A

Corporation 

B

Limited Liability Company

 

 

 

C

Sole Proprietorship

D

Cooperative

CORRECT OPTION: b
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?

A

 Corporation

B

Limited Liability Company

C

Sole Proprietorship

D

Cooperative

 

CORRECT OPTION: d
5

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

A

Corporation

 

B

Limited Liability Company

 

 

 

C

Sole Proprietorship

D

Partnership

CORRECT OPTION: d
6

What is a sole proprietorship?

 

A business owned and operated by a single individual. The owner has unlimited liability for the business and takes all the profits.

 

7

What is a corporation?

 

 

A business owned by shareholders who have limited liability for the debts of the business.

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