Have an account?
Skip to Content
Build your own quiz
Suggestions for you
20 questions
Show Answers
See Preview
- 1. Multiple Choice
Difficult and costly to start
Corporation
Sole Proprietorship
Partnership
- 2. Multiple Choice
Easiest form to start and most common form of business
Sole Proprietorship
Partnership
Corporation
- 3. Multiple Choice
Unlimited legal and financial responsibility is shared
Partnership
Corporation
Sole Proprietorship
- 4. Multiple Choice
Requires an agreement to start
Sole Proprietorship
Partnership
Corporation
- 5. Multiple Choice
Requires a charter filed with the government to start
Sole Proprietorship
Partnership
Corporation
- 6. Multiple Choice
Owner keeps all the profits
Sole Proprietorship
Partnership
Corporation
- 7. Multiple Choice
Double Taxation
Sole Proprietorship
Partnership
Corporation
- 8. Multiple Choice
Businesses must name a board of directors
Sole Proprietorship
Partnership
Corporation
- 9. Multiple Choice
Time/Commitment, responsibilities, and profits/losses are shared
Sole Proprietorship
Partnership
Corporation
- 10. Multiple Choice
Owner responsible for all debts and funding can be difficult to obtain
Sole Proprietorship
Partnership
Corporation
- 11. Multiple Choice
Owners are called shareholders
Sole Proprietorship
Partnership
Corporation
- 12. Multiple Choice
Must publish annual reports
Sole Proprietorship
Partnership
Corporation
- 13. Multiple Choice
Conflict between owners can be a common problem
Sole Proprietorship
Partnership
Corporation
- 14. Multiple Choice
Limited Liability
Sole Proprietorship
Partnership
Corporation
- 15. Multiple Choice
No fringe benefits provided to owners
Sole Proprietorship
Partnership
Corporation
- 16. Multiple Choice
Owner makes all the decisions
Sole Proprietorship
Partnership
Corporation
- 17. Multiple Choice
Requires no paperwork other than business licenses/permits to start
Sole Proprietorship
Partnership
Corporation
- 18. Multiple Choice
Owners and managers are generally separate
Sole Proprietorship
Partnership
Corporation
- 19. Multiple Choice
If one partner leaves, the business can still exist
Sole Proprietorship
Partnership
Corporation
- 20. Multiple Choice
Sole control over all business functions
Sole Proprietorship
Partnership
Corporation
- Answer choicesTagsAnswer choicesTags