Business Organization and Structure Quiz
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Questions and Answers

Which type of business is owned by a group of people and authorized by the state?

  • Cooperative
  • Limited liability partnership
  • Intrapreneur
  • Corporation (correct)

    • Who is the top executive hired to manage a business?

  • Creditor
  • Partner
  • Intrapreneur
  • Officer (correct)

    • What is the purpose of a cooperative business?

  • To provide goods and services to user-members (correct)
  • To develop new products within a company
  • To work together with other businesses
  • To manage a business

    • Which type of business structure has partners with unlimited and limited liabilities?

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

    What is the main characteristic of a nonprofit corporation?

    <p>Exists to make a profit</p> Signup and view all the answers

    What defines an intrapreneur within a company?

    <p>Manages a special unit within a company</p> Signup and view all the answers

    What is a joint venture in business terms?

    <p>An agreement among multiple businesses to collaborate on providing a good or service</p> Signup and view all the answers

    What distinguishes a limited partnership from other business structures?

    <p>It has at least one general partner with unlimited liability and at least one limited partner</p> Signup and view all the answers

    What role does a creditor play in business transactions?

    <p>Receiving money owed by individuals or businesses</p> Signup and view all the answers

    How does a limited liability company differ from a traditional corporation?

    <p>It is taxed as a sole proprietorship or partnership</p> Signup and view all the answers

    Which business structure involves creating a special unit within a company to develop new products?

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

    What characterizes a corporation in terms of its legal status?

    <p>Authorized by the state to act separately from its owners</p> Signup and view all the answers

    What differentiates an officer from other roles within a business?

    <p>Being the top executive hired to manage the business</p> Signup and view all the answers

    In which type of organization do partners have their liability limited to their investment?

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

    What tax status applies to a nonprofit corporation?

    <p>Does not pay taxes and exists to make a profit</p> Signup and view all the answers

    What type of business structure includes partners with unlimited liabilities?

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

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