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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
non profit corp
C
sole proprietorship
D
llc
2) What are the people who own part of a corporation?
A
shareholders
B
customers
C
clients
D
partners
3) what is the biggest disadvantage of a sole proprietorship?
A
amount of paperwork
B
high liability
C
high taxes
D
low liability
4) which of the following does not involve paperwork to start the business?
A
sole proprietorship
B
s corp
C
llc
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
partnership
B
sole prop
C
llc
D
corporation
8) which of the following is used by cities?
A
municipal corp
B
llc
C
corp
D
partnership
9) a business that you can own underneath a parent company is a
A
franchise
B
general partnership
C
corp
D
llc
10) low taxes high liability
A
sole prop
B
corp
C
llc
D
municipal corp
*select an answer for all questions
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