Entrepreneurial Business Types Quiz for Class IX Students
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Questions and Answers

What is a sole proprietorship?

  • A legal entity separate from its owners
  • A business owned by two or more individuals
  • An entity formed for a charitable or social purpose
  • A business owned and operated by a single person (correct)

    • What is a partnership in business?

  • An entity formed for a charitable or social purpose
  • A business owned and operated by a single person
  • A legal entity separate from its owners
  • A business owned by two or more individuals who share responsibilities, profits, and losses (correct)

    • What is a corporation in business?

  • A legal entity separate from its owners (shareholders) (correct)
  • A business owned by two or more individuals
  • A business owned and operated by a single person
  • An entity formed for a charitable or social purpose

    • What is a nonprofit organization?

    <p>An entity formed for a charitable, educational, or social purpose</p> Signup and view all the answers

    Which type of business offers limited liability protection to its owners?

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

    True or false: A sole proprietorship is a business owned and operated by multiple individuals?

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

    True or false: A partnership is a business owned by two or more individuals who share responsibilities, profits, and losses?

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

    True or false: A corporation is a legal entity that does not offer limited liability protection to its owners?

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

    True or false: Nonprofit organizations aim to make a profit and do not rely on donations?

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

    True or false: Nonprofit organizations are formed for charitable, educational, or social purposes?

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

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