Business Entity and Ownership Quiz
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Questions and Answers

Sole Proprietorships are business entities with a single owner or operator. What is the term for this type of business entity?

a) Sole Proprietorship

What is the term for a standardized unit of ownership in a business in which shareholders receive payments from the profits?

c) Share

What is the right or license granted to a business to market a company’s goods in a certain location called?

d) Franchise

What is the term for a legal form of business ownership where two or more people share management and profits?

<p>b) Partnership</p> Signup and view all the answers

In which business structure does the owner have unlimited liability, bearing full legal responsibility for all business debts?

<p>a) Sole Proprietorship</p> Signup and view all the answers

What is the term for a partner providing capital but being responsible for business debts up to the amount they have invested?

<p>Limited liability partnership</p> Signup and view all the answers

What is the right or license granted to a business to market a company’s goods in a certain location called?

<p>Franchise</p> Signup and view all the answers

In which business structure does the owner have unlimited liability, bearing full legal responsibility for all business debts?

<p>Sole Proprietorship</p> Signup and view all the answers

What is the term for a legal form of business ownership where two or more people share management and profits?

<p>Partnership</p> Signup and view all the answers

What should business partners establish to define and set their rights as well as income received from the partnership?

<p>Operating agreement</p> Signup and view all the answers

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