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- 1. Multiple ChoiceThis type of business is owned by one person.PartnershipSole ProprietorshipCorporationFranchise
- 2. Multiple ChoiceAdvantages of this business type are that the owner is their own boss and gets to keep all the profits.PartnershipSole ProprietorshipCorporationFranchise
- 3. Multiple ChoiceDisadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.Sole ProprietorshipPartnershipCorporationFranchise
- 4. Multiple ChoiceWhat is a major advantage of a business that is a partnership rather than a sole proprietorship?The responsibility for the business is sharedThe business is easy to set upThe partners are not responsible for business debtsThe business is easy to sell
- 5. Multiple Choice
What is a business owned by stockholders/investors but operated by others?Sole ProprietorshipPartnershipCorporation - 6. Multiple ChoiceWhat is a business owned and operated by two or more people?Sole ProprietorshipPartnershipCorporation
- 7. Multiple ChoiceWhat is ONE advantage of a sole proprietorship?You make ALL the decisionsEasy to raise moneyYou have to share profits
- 8. Multiple ChoiceWhich is ONE disadvantage of Sole Proprietorship?Less direct controlDisagreementsHard to raise money
- 9. Multiple ChoiceWhat is ONE advantage of a Corporation?Difficult to startMake all of the decisionsEasy to raise money!
- 10. Multiple ChoiceDisadvantages include limited life and
the potential for conflict between partnersSole PropriotorshipPartnershipCorporation - 11. Multiple ChoiceCharacteristics include owned by two or more people and may be general or limitedSole PropriotorshipPartnershipCorporation
- 12. Multiple ChoiceAdvantages include limited liability for owners, unlimited life, and ease of transfer of ownership.Sole PropriotorshipPartnershipCorporation
- 13. Multiple ChoiceWhich of the following is NOT a business organization?Sole ProprietorshipCorporationPerfect CompetitionPartnership
- 14. Multiple ChoiceWhat is a disadvantage of partnerships?ease of formationowners share responsibilitieslimited liabilitypossibility of personality conflict
- 15. Multiple ChoiceSara’s Hair Palace is a small, locally owned beauty salon in Sterling. This represents what type of business?corporationpartnershipsole proprietorship
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