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Business Basics and Entrepreneurship Quiz

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Business Basics and Entrepreneurship Quiz

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Questions and Answers

What is the key advantage of sole proprietorships?

Shared profits (correct)

Distinction as a legal entity

Ownership by multiple partners

Limited liability

Which type of partnership provides partners with limited liability?

Public partnership

Limited partnership (correct)

General partnership

Sole partnership

What distinguishes a corporation from other forms of business ownership?

Owned by a single individual

Unlimited liability for owners

Operated by two or more partners

Legal distinction as a separate entity (correct)

What type of corporation is Apple considered?

Public corporation Signup and view all the answers

In a general partnership, what is the extent of partners' liability?

Full liability for each other's debts Signup and view all the answers

What is the primary interest of co-operatives in terms of ownership?

Serving the needs of members or workers Signup and view all the answers

What is the formula to calculate profit in a business?

Revenue - Expenses = Profit Signup and view all the answers

Which economic resource refers to the people who create goods and services?

Human resources Signup and view all the answers

What type of resource refers to materials that come from the earth, water, and air?

Natural resources Signup and view all the answers

Why do many people become entrepreneurs according to the text?

To offer better goods or services Signup and view all the answers

Which term best describes products or technologies that are no longer used or produced?

Obsolete Signup and view all the answers

What differentiates a need from a want?

Needs are essential for survival while wants are optional. Signup and view all the answers