Quiz: Introduction To Business 101 Part #3

14 Questions | Total Attempts: 47

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Introduction To Business Quizzes & Trivia

Questions and Answers
  • 1. 
    What is Sole Proprietorship?
    • A. 

      Business owned by a group of persons

    • B. 

      Business owned by two people

    • C. 

      Business owned by one person

    • D. 

      Business owned by a family

  • 2. 
    What is Partnership?
    • A. 

      Business owned by one particular person

    • B. 

      Business owned by family and friends

    • C. 

      Business owned by two people who agree legally two become co/owners

    • D. 

      Business who agree to have liability with others

  • 3. 
    What is a coporation?
    • A. 

      Legal entity with authority to act and have liability apart from its owners.

    • B. 

      Owned by one person

    • C. 

      Owned by family

    • D. 

      Owned by a particular group of people

  • 4. 
    Benefits of sole properitior ship?
    • A. 

      Being your own boss

    • B. 

      Someone else is your boss

    • C. 

      Hard to start and end a business

    • D. 

      Special taxes

  • 5. 
    2 Major types of partnerships?
    • A. 

      Genreal

    • B. 

      Financial

    • C. 

      Limited

  • 6. 
    General partner ship: A partnership with one or more general partners and one or more limited partners.
    • A. 

      True

    • B. 

      False

  • 7. 
    Limited Partnership: A partnership with one or more general partners and one or more limited partners.
    • A. 

      True

    • B. 

      False

  • 8. 
    General Partnership: An owner (partner) who has unlimited liability and is active in managing the firm.
    • A. 

      True

    • B. 

      False

  • 9. 
    Limited Partner: An owner who invests money in the business but enjoys limited liability. 
    • A. 

      True

    • B. 

      False

  • 10. 
    Liability means:
    • A. 

      Debt of business

    • B. 

      How much money the business has

    • C. 

      How much money the business makes

  • 11. 
    Advantages of corporations:
    • A. 

      Limited Liability

    • B. 

      No workers

    • C. 

      Ease of ownership change

  • 12. 
    Disadvantages of corporations:
    • A. 

      Initial cost Extensive paperwork Double taxation Two tax returns Initial cost Extensive paperwork Double taxation Two tax returns two tax returns

    • B. 

      Initial cost Extensive paperwork Double taxation Two tax returns difficulty of termination

    • C. 

      Perpetual life

  • 13. 
    S Corporation have:
    • A. 

      Steak holders, share holders

    • B. 

      Share holders, directors

    • C. 

      Employess, benefits of liability

  • 14. 
    S Corporation:
    • A. 

      Not taxed like sole proprietor ships

    • B. 

      Taxed like sole proprietor ships

    • C. 

      A unique government creation that looks like a corporation

    • D. 

      Taxed like partnertships

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