Business Structures and Management Quiz
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Questions and Answers

What is the definition of a sole proprietorship?

  • A legal entity distinct from individuals
  • A partnership with unlimited liability
  • A business owned by one person (correct)
  • A business owned by multiple people

    • What does unlimited liability mean in the context of business?

  • The damages are limited to a specific amount
  • The owners are not responsible for any damages
  • The business is not liable for any damages
  • All damages are the owner's responsibility (correct)

    • What is the key characteristic of a general partnership?

  • The partnership is owned by only a few individuals
  • Each partner has joint authority and joint liability (correct)
  • Limited liability for all partners
  • One partner has unlimited liability

    • What is the primary difference between a public corporation and a private corporation?

    <p>Public corporations sell stock to the public, while private corporations do not</p> Signup and view all the answers

    What is the definition of limited liability in a business context?

    <p>The damages are limited to a specific amount</p> Signup and view all the answers

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