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Econ-Chapter 8, Section 1 And 2
Test Description: Business
Instructions: Answer all questions to get your test result.
1) Unlimited liability means that:
A
The owner of the business bears complete legal responsibility for all debts and damages arising from doing business
B
A business cannot lose more than a preset amount
C
Shareholders of a company receive dividends only if the company earns a profit
D
Credit can be obtained more easily than in a business that has limited liability
2) Where can a person look for help in starting a new business?
A
Banks and the Better Business Bureau
B
The board of directors of a large corporation
C
The government and the Internet
D
Owners of similar businesses in the same area
3) In a limited partnership:
A
A general partner manages the business
B
Some partners bear no risk
C
All partners are equal
D
A bank limits the partnership's liability
4) These two types of businesses have unlimited liability
A
Corporation and joint venture
B
Joint venture and vertical merger
C
Limited partnership and horizontal merger
D
Sole proprietorship and partnership
5) This person assumes all the management duties and has full responsibility for the debts of the partnership:
A
Limited partnership
B
Corporation
C
General partnership
D
Proprietorship
6) A disadvantage of sole proprietorships and partnerships is that they have:
A
Unlimited liabilty
B
No assets
C
Common stock
D
Little borrowing power
7) Entrepreneurs are people who:
A
Start new businesses
B
Earn profits
C
Sit on a corporate board of directors
D
Pay dividends
8) A partnership set up for a specific purpose for a short period of time is known as a:
A
Acting board of directors
B
Committee
C
Joint stock company
D
Joint venture
9) Type of business enterprise that protect memebers against losing all of their personal wealth; members are taxed as if they were in a partnership:
A
Joint Venture
B
Sole proprietorship
C
Limited partnership
D
Limited liability company (LLC)
10) Private or government funded agency that assists new businesses by providing advice or low rent building and supplies:
A
Small-business incubator
B
Proprietor
C
Partnership
D
Startup
*select an answer for all questions
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