Quiz: Introduction To Business 101 Part #3

14 Questions | By Appletini10 | Updated: Mar 21, 2022 | Attempts: 101

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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