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