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Business Review
Test Description: Organization of business
Instructions: Answer all questions to get your test result.
1) Which of the following types of business organizations does not have to pay tax
A
c corp
B
sole proprietorship
C
non profit corp
D
llc
2) What are the people who own part of a corporation?
A
partners
B
clients
C
customers
D
shareholders
3) what is the biggest disadvantage of a sole proprietorship?
A
high taxes
B
amount of paperwork
C
high liability
D
low liability
4) which of the following does not involve paperwork to start the business?
A
llc
B
sole proprietorship
C
s corp
D
municipal corporation
5) which of the following gives each partner equal liability
A
limited partnership
B
general partnership
6) which of the following combines low taxes with low liability?
A
partnership
B
sole proprietorship
C
llc
D
corporation
7) high taxes, low liability
A
sole prop
B
corporation
C
llc
D
partnership
8) which of the following is used by cities?
A
llc
B
municipal corp
C
partnership
D
corp
9) a business that you can own underneath a parent company is a
A
general partnership
B
corp
C
franchise
D
llc
10) low taxes high liability
A
corp
B
municipal corp
C
sole prop
D
llc
*select an answer for all questions
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