Start learning →

B.Com General Commerce — practice by topic

Browse 27 questions across 4 Commerce topics. Choose what you want to revise, then open a question to check its answer and worked solution.

Start learning B.Com General with Quill →

Commerce topics

Business Organisation (27)Business Studies (27)Commerce (27)Forms of Business Ownership (27)

Try a Commerce question

A shopkeeper runs her business alone, owning it outright. That is the most popular form of ownership, the:Read the answer and worked solution →Such an owner is personally responsible for every debt the business runs up. That exposure is called:Read the answer and worked solution →Two friends set up together, sharing management and profits. That arrangement is a:Read the answer and worked solution →Another partnership has partners whose liability stops at what they invested. Those partners are the:Read the answer and worked solution →

Worked practice questions

A shopkeeper runs her business alone, owning it outright. That is the most popular form of ownership, the:

  1. Sole proprietorship
  2. Public corporation
  3. Limited partnership
  4. Chartered cooperative
Show answer and solution

Correct answer: A. Sole proprietorship

1. It accounts for most businesses. 2. One person owns it all. 3. It is the sole proprietorship. _Source: OpenStax Introduction to Business, Chapter 4, Forms of Business Ownership._

Open this question →

Such an owner is personally responsible for every debt the business runs up. That exposure is called:

  1. Unlimited liability
  2. Insured liability
  3. Limited liability
  4. Joint liability
Show answer and solution

Correct answer: A. Unlimited liability

1. Personal assets are at risk. 2. There is no ceiling. 3. It is unlimited liability. _Source: OpenStax Introduction to Business, Chapter 4, Forms of Business Ownership._

Open this question →

Two friends set up together, sharing management and profits. That arrangement is a:

  1. A joint venture
  2. A partnership
  3. A corporation
  4. A cooperative
Show answer and solution

Correct answer: B. A partnership

1. All partners take part in running it. 2. Profits are shared between them. 3. It is a partnership of that kind. _Source: OpenStax Introduction to Business, Chapter 4, Forms of Business Ownership._

Open this question →

How to practise

  1. Choose a Commerce question and try to work out your answer.
  2. Open the question to check the correct answer and read its worked solution.
  3. Continue in the app for bite-sized lessons, explanations and review with Quill. You can start without creating an account.