{"id":3388,"date":"2023-02-22T21:28:31","date_gmt":"2023-02-22T21:28:31","guid":{"rendered":"https:\/\/course.oeru.org\/ient102\/?page_id=3388"},"modified":"2023-02-22T21:28:31","modified_gmt":"2023-02-22T21:28:31","slug":"quiz","status":"publish","type":"page","link":"https:\/\/course.oeru.org\/ient102\/learning-pathways\/legal-forms-of-business\/quiz\/","title":{"rendered":"Quiz"},"content":{"rendered":"<div id=\"content\" class=\"mw-body container\" role=\"main\">\n<div class=\"row\">\n<div class=\"col-md-12\">\n<div class=\"panel\">\n<div class=\"panel-body\">\n<div id=\"bodyContent\">\n<div id=\"mw-content-text\" lang=\"en\" dir=\"ltr\" class=\"mw-content-ltr\">\n<p>\n<\/p>\n<div class=\"floatright\"><a href=\"https:\/\/wikieducator.org\/File:Test_sign.jpg\" class=\"image\"><img loading=\"lazy\" decoding=\"async\" alt=\"Test sign.jpg\" src=\"\/\/wikieducator.org\/images\/thumb\/e\/eb\/Test_sign.jpg\/320px-Test_sign.jpg\" width=\"320\" height=\"226\" class=\"img-responsive\"><\/a><\/div>\n<p>The questions which follow provide a basic knowledge test of selected concepts covered in this learning pathway: <i>Legal forms of business<\/i>.<\/p>\n<p>The questions published at the end of each learning pathway are re-used for the knowledge test for learners interested in earning a digital badge or certificate of participation for the <i>Introduction to entrepreneurship<\/i> (IENT102) micro-course. Please consult the <a href=\"https:\/\/wikieducator.org\/Introduction_to_entrepreneurship\/IENT102\/Assessment\/Certify_participation\" title=\"Introduction to entrepreneurship\/IENT102\/Assessment\/Certify participation\">Certify participation page<\/a> for more information.<br style=\"clear:both;\">\n<\/p>\n<div class=\"panel iDevice WEquizMultipleChoice\">\n\t<div class=\"panel-heading idevice-heading\">\n\t\t<div>\n\t\t\t<img decoding=\"async\" class=\"pedagogicalicon\" alt=\"assessment\" src=\"https:\/\/course.oeru.org\/ient102\/wp-content\/themes\/oeru_course\/idevices\/Icon_qmark.png\">\n\t\t<\/div>\n\t\t<div>\n\t\t\t<h2>True - false questions<\/h2>\n\t\t<\/div>\n\t<\/div>\n\t<div class=\"panel-body\">\n\t\t<div class=\"col-md-12\">\n\t\t\t\n<p>Indicate whether the following statements are true or false:\n<\/p>\n<ul>\n<li>Legal obligations are the same regardless of which form of business entity you choose.\n<ul>\n<li>True\n<ul>\n<li>Wrong. The form of business entity will influence legal obligations.\n<\/li>\n<\/ul>\n<\/li>\n<li>False\n<ul>\n<li>Correct. Well done.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li>Changing from one legal form of business to another is a simple process.\n<ul>\n<li>True\n<ul>\n<li>No, changing the legal form after starting your business can be a complex process.\n<\/li>\n<\/ul>\n<\/li>\n<li>False\n<ul>\n<li>Correct. Well done.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li>There are advantages and disadvantages to all of the legal forms of business ownership.\n<ul>\n<li>True\n<ul>\n<li>Correct.\n<\/li>\n<\/ul>\n<\/li>\n<li>False\n<ul>\n<li>Wrong, the forms of business ownership differ when comparing advantages and disadvantages.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li>There are multiple factors to consider when deciding on which legal form of business is best for you.\n<ul>\n<li>True\n<ul>\n<li>Correct. Well done.\n<\/li>\n<\/ul>\n<\/li>\n<li>False\n<ul>\n<li>Incorrect. The entrepreneur must compare multiple factors when selecting the legal form of a business.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>\n<\/p>\n<p>\n\t\t<\/div>\n\t<\/div>\n<\/div><\/p>\n<p>\n<\/p>\n<p>\n<\/p>\n<div class=\"panel iDevice WEquizMultipleChoice WEquizMix\">\n\t<div class=\"panel-heading idevice-heading\">\n\t\t<div>\n\t\t\t<img decoding=\"async\" class=\"pedagogicalicon\" alt=\"assessment\" src=\"https:\/\/course.oeru.org\/ient102\/wp-content\/themes\/oeru_course\/idevices\/Icon_qmark.png\">\n\t\t<\/div>\n\t\t<div>\n\t\t\t<h2>Multiple choice questions<\/h2>\n\t\t<\/div>\n\t<\/div>\n\t<div class=\"panel-body\">\n\t\t<div class=\"col-md-12\">\n\t\t\t\n<ul>\n<li>In the context of this micro-course, the term \u2018sole proprietorship\u2019 refers to:\n<ul>\n<li>One business owned and run by multiple people\n<ul>\n<li>No, try again.\n<\/li>\n<\/ul>\n<\/li>\n<li>One business owned and run by one person\n<ul>\n<li>Yes, that\u2019s correct.\n<\/li>\n<\/ul>\n<\/li>\n<li>One parent company overseeing several subsidiaries\n<ul>\n<li>No, try again.\n<\/li>\n<\/ul>\n<\/li>\n<li>One business owned by many shareholders\n<ul>\n<li>No, try again.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li>In the context of this micro-course, which ONE of the following statements about a business partnership is FALSE:\n<ul>\n<li>A partnership is a business that is directly owned by two or more people\n<ul>\n<li>This is true, based on the definition we have used in this micro-course.\n<\/li>\n<\/ul>\n<\/li>\n<li>Business partners are jointly liable for the debt of any partnership they own\n<ul>\n<li>This is true, and is one of the disadvantages of choosing the Partnership model.\n<\/li>\n<\/ul>\n<\/li>\n<li>There is no limit to the number of people that can be involved in a partnership\n<ul>\n<li>This is false. In this course, we learn that a partnership typically should not include more than 20 people, depending on your country&#8217;s jurisdiction.\n<\/li>\n<\/ul>\n<\/li>\n<li>A partnership agreement should include various details, including the partners\u2019 salaries and the division of profits\n<ul>\n<li>This is true. A partnership agreement is a legal document, and should ideally be drawn up by an attorney.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li>In the context of this micro-course, a \u2018Corporation\u2019 or \u2018Company\u2019  is:\n<ul>\n<li>An independent legal entity, owned by shareholders\n<ul>\n<li>Yes, well done!\n<\/li>\n<\/ul>\n<\/li>\n<li>A business entity which must close or terminate business if any of the owners die or decide to leave\n<ul>\n<li>No, a corporation or company can continue to exist even if there is a change in shareholding.\n<\/li>\n<\/ul>\n<\/li>\n<li>The simplest kind of business model to establish\n<ul>\n<li>No, setting up a corporation or company involves more paperwork and more costs than setting up other legal forms of business.\n<\/li>\n<\/ul>\n<\/li>\n<li>A form of business with no specific structure\n<ul>\n<li>This is not correct. There are several requirements around the structure and management of a corporation or company.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li>Indicate which one of the following is the LEAST important factor to consider when deciding on a business ownership model:\n<ul>\n<li>Ability of the business to exist independently of its owners\n<ul>\n<li>This is one of the factors you need to consider when choosing a business ownership model.\n<\/li>\n<\/ul>\n<\/li>\n<li>The start-up capital requirements\n<ul>\n<li>This is one of the factors you do need to consider. The form of business ownership influences the sources of capital for a start-up.\n<\/li>\n<\/ul>\n<\/li>\n<li>The name of the business\n<ul>\n<li>That\u2019s right &#8211; this is not necessarily something you need to think through when choosing a business ownership model, with the exception of cases where your business name is the same or similar to a registered trademark or registered business.\n<\/li>\n<\/ul>\n<\/li>\n<li>The management succession plan\n<ul>\n<li>This is one of the factors you need to consider when choosing a business ownership model.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>\n<\/p>\n<p>\n\t\t<\/div>\n\t<\/div>\n<\/div><\/p>\n<p>\n<\/p>\n<p><!-- \nNewPP limit report\nCPU time usage: 0.058 seconds\nReal time usage: 0.066 seconds\nPreprocessor visited node count: 280\/1000000\nPreprocessor generated node count: 1206\/1000000\nPost\u2010expand include size: 28188\/2097152 bytes\nTemplate argument size: 19324\/2097152 bytes\nHighest expansion depth: 10\/40\nExpensive parser function count: 0\/100\n--><\/p>\n<p><!-- Saved in parser cache with key we_en-mw_:pcache:idhash:185308-0!*!0!*!*!2!* and timestamp 20230222075937 and revision id 1067082\n -->\n<\/div>\n<div class=\"visualClear\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"row\">\n<div class=\"col-md-12\">\n<ul class=\"pager\">\n<li class=\"previous\">\n            <a href=\"\/ient102\/learning-pathways\/legal-forms-of-business\/outputs-business-legalities-learning-challenge\">\u2190 Previous<\/a>\n          <\/li>\n<li class=\"next\">\n            <a href=\"\/ient102\/learning-pathways\/business-ethics\/overview\">Next \u2192<\/a>\n          <\/li>\n<\/ul><\/div>\n<\/p><\/div>\n<div id=\"wenote-ids\"><script type='text\/javascript' id='wenotes-ids'>\n    var WEnotesSite = \"https:\/\/wikieducator.org\";\n    var WEnotesPath = \"\/Introduction_to_entrepreneurship\/IENT102\/Legalities\/Quiz\";\n    var WEnotesSiteID = \"0e3d258fbd36841f92259eefcd41d5e9\";\n    var WEnotesPathID = \"a1f15bb9a73f194ebc7049dfa9caecfd\";\n    var WEnotesIDs = { site: \"https:\/\/wikieducator.org\", path: \"\/Introduction_to_entrepreneurship\/IENT102\/Legalities\/Quiz\", site_id: \"0e3d258fbd36841f92259eefcd41d5e9\", path_id: \"a1f15bb9a73f194ebc7049dfa9caecfd\" };\n<\/script><\/div>\n<\/div>\n<footer><\/footer>\n","protected":false},"excerpt":{"rendered":"<p>The questions which follow provide a basic knowledge test of selected concepts covered in this learning pathway: Legal forms of business. The questions published at the end of each learning pathway are re-used for the knowledge test for learners interested in earning a digital badge or certificate of participation for the Introduction to entrepreneurship (IENT102) [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":3366,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-3388","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/course.oeru.org\/ient102\/wp-json\/wp\/v2\/pages\/3388","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/course.oeru.org\/ient102\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/course.oeru.org\/ient102\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/ient102\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/ient102\/wp-json\/wp\/v2\/comments?post=3388"}],"version-history":[{"count":1,"href":"https:\/\/course.oeru.org\/ient102\/wp-json\/wp\/v2\/pages\/3388\/revisions"}],"predecessor-version":[{"id":3389,"href":"https:\/\/course.oeru.org\/ient102\/wp-json\/wp\/v2\/pages\/3388\/revisions\/3389"}],"up":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/ient102\/wp-json\/wp\/v2\/pages\/3366"}],"wp:attachment":[{"href":"https:\/\/course.oeru.org\/ient102\/wp-json\/wp\/v2\/media?parent=3388"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}