Copyright

NMTA: Types of Business Organization Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Page 1

Question 1 1. How does an owner start a sole proprietorship?

Question 2 2. Tyler is the sole owner and stockholder of the corporation, Tyler's Tires. Two years ago, Tyler's Tires hired Anna as the CEO. If Tyler dies, what happens to Tyler's Tires?

Question 3 3. Which of the following businesses cannot be a cooperative?

Question 4 4. What do you call the documentation that governs the corporation's activities?

Question 5 5. What is the difference between an S-corporation and a C-corporation?

Page 2

Question 6 6. Which of the following is the best explanation of a cooperative?

Question 7 7. Which one of the following is considered a disadvantage of a corporation?

Question 8 8. What type of partnership has a general partner who has full liability and a limited partner whose liability is limited to their investment in the partnership?

Question 9 9. How many people typically work for a sole proprietorship?

Question 10 10. Which one of the following is the partnership document that governs the rights and responsibilities of the partners?

Page 3

Question 11 11. Which one of the following is not a characteristic of a consumer cooperative?

Question 12 12. Which one of the following is a primary reason many cooperatives are organized?

Question 13 13. How does an owner incorporate a sole proprietorship?

Question 14 14. How is a sole proprietorship taxed?

Question 15 15. Which one of the following do LPs, LLPS, and LLLPs have in common but is not a characteristic of a general partnership?

Page 4

Question 16 16. What type of partnership offers no protection from personal liability for the partners?

Question 17 17. Which of the following is the best explanation of the main difference or differences between a limited partner and a general partner?

Question 18 18. When is it necessary to file a Doing Business As form?

Question 19 19. What is the primary reason a business would decide to become a corporation over any other form of organization?

Question 20 20. Which type of cooperative is owned and controlled by customers?

NMTA: Types of Business Organization Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

NMTA Middle Grades Social Science (202): Practice & Study Guide  /  Social Science Courses
Support