Chapter 5 Bus3-10 Quiz

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37 questions

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1.

OPEN ENDED

30 sec • 1 pt

Sole Proprietorship

Answer explanation

a business owned, and usually managed, by one person. 72%

2.

OPEN ENDED

30 sec • 1 pt

Partnership

Answer explanation

Two or more people legally agree to become co-owners of a business. 8%

3.

OPEN ENDED

30 sec • 1 pt

Corporation

Answer explanation

A legal entity with authority to act and have liability apart from its owners. 20%

4.

OPEN ENDED

30 sec • 1 pt

Benefits of Sole proprietorship

Answer explanation

1) Ease of starting and ending the business 2) Being your own boss 3) Pride of ownership 4) Leaving a legacy 5) Retention of company profit 6) No special taxes

5.

OPEN ENDED

30 sec • 1 pt

what are the DISADVANTAGES of SOLE PROPRIETORSHIPS

Answer explanation

1) Unlimited Liability anything else. 2) Limited financial resources 3) Management difficulties 4) Overwhelming time commitment 5) Few fringe benefits 6) Limited growth 7) Limited life span

6.

OPEN ENDED

30 sec • 1 pt

Unlimited Liability

Answer explanation

any debts or damages incurred by the business are your debts, even if it means selling your home, car or anything else.

7.

OPEN ENDED

30 sec • 1 pt

General Partnership

Answer explanation

All owners share in operating the business and in assuming liability for the business's debts.

8.

OPEN ENDED

30 sec • 1 pt

General Partner

Answer explanation

An owner (partner) who has unlimited liability and is active in managing the firm.

9.

OPEN ENDED

30 sec • 1 pt

Limited Partner

Answer explanation

An owner who invests money in the business, but enjoys limited liability. Limited Liability means that liability for the debts of the business is limited to the amount the limited partner puts into the company; personal assets are not at risk.

10.

OPEN ENDED

30 sec • 1 pt

Master Limited Partnership

Answer explanation

A partnership that looks much like a corporation, but is taxed like a partnership and thus avoids the corporate income tax.

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