ENT Final

Front

What is a sole proprietorship?

Back

A business owned by one individual.

Front

How many people own a sole proprietorship?

Back

28.4 million individuals

Front

What percentage of businesses are sole proprietorships?

Back

70%

Front

Who receives the profits from a sole proprietorship?

Back

The sole proprietor

Front

Which is a pro of a sole proprietorship? Limited liability, Owner receives all profits, Easier to raise capital, Increased government regulation

Back

Owner receives all profits

Front

Which is a con of a sole proprietorship? Options: Double taxation, Owner may lack funds, Complex to establish, Limited workforce

Back

Owner may lack funds

Front

How many people are involved in a partnership? Options: Only one, Two or more, Exactly ten, No more than twenty

Back

Two or more

Front

What is a general partnership?

Back

A partnership where all partners share equal responsibility.

Front

Which is a pro of a partnership? Options: Increased tax burden, Skills and abilities pooled, Limited access to capital, High government regulation

Back

Skills and abilities pooled

Front

Which is a con of a partnership? Options: Double taxation, Easy withdrawal from partnership, Disagreements among partners, Limited liability

Back

Disagreements among partners