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