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1.02 Types Of Businesses
Test Description: What are the different types of businesses and what are their characteristics
Instructions: Answer all questions to get your test result.
1) Owned by one person
A
Franchise
B
Partnership
C
Sole Proprietorship
D
Corporation
2) Owned by stockholders and treated by the law as its own entity
A
Franchise
B
Sole Proprietorship
C
Corporation
D
Partnership
3) Contractual agreement between the parent company and the business operator to sell a company's products or services in a specific geographic area
A
Franchise
B
Corporation
C
Partnership
D
Sole Proprietorship
4) Owned by two or more people
A
Partnership
B
Franchise
C
Sole Proprietorship
D
Corporation
5) The easiest type of business to start but has unlimited liability (can be sued for everything)
A
Sole Proprietorship
B
Partnership
C
Corporation
D
Franchise
6) Must share the profits and the risks equally
A
Corporation
B
Partnership
C
Franchise
D
Sole Proprietorship
7) Has limited liability (cannot be sued for everything), is taxed, and government monitors closely
A
Sole Proprietorship
B
Franchise
C
Partnership
D
Corporation
8) You have to follow strict rules on how to run the business
A
Franchise
B
Corporation
C
Partnership
D
Sole Proprietorship
9) A law firms and medical practices are typically set up as this type of business
A
Franchise
B
Sole Proprietorship
C
Corporation
D
Partnership
10) Taco Bell and Blockbuster would be two examples of this type of business
A
Franchise
B
Partnership
C
Sole Proprietorship
D
Corporation
*select an answer for all questions
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