Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
What is a sole proprietorship?
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?
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?
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?
What is a nonprofit organization?
Signup and view all the answers
Which type of business offers limited liability protection to its owners?
Which type of business offers limited liability protection to its owners?
Signup and view all the answers
True or false: A sole proprietorship is a business owned and operated by multiple individuals?
True or false: A sole proprietorship is a business owned and operated by multiple individuals?
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?
True or false: A partnership is a business owned by two or more individuals who share responsibilities, profits, and losses?
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?
True or false: A corporation is a legal entity that does not offer limited liability protection to its owners?
Signup and view all the answers
True or false: Nonprofit organizations aim to make a profit and do not rely on donations?
True or false: Nonprofit organizations aim to make a profit and do not rely on donations?
Signup and view all the answers
True or false: Nonprofit organizations are formed for charitable, educational, or social purposes?
True or false: Nonprofit organizations are formed for charitable, educational, or social purposes?
Signup and view all the answers
