PBMF Ch 4 Business ownership

Which of the following is an advantage of a partnership?

• Unlimited Liability

• Arguments

• Agreement on strategy

• Easy to start

A form of business ownership in which the owners share the risk of loss and the chance for profit is a(n)

• partnership
• sole proprietorship
• corporation
• LLC

Corporations are governed by a(n)

• individual 
• partnership
• Board of Directors
• magnificent 7

Name the type of corporation which operates to accomplish a specific mission—other than to earn income

• for profit
• non-profit
• Chapter 7 LLC
• S Corporation

What type of business ownership allows individuals to purchase shares of stock and become owners?

• Sole proprietorship
• Partnership
• Corporation

This is the easiest form of business to start and end.

• Proprietorship
• Partnership
• Corporation
• Franchise

Articles of incorporation must be filed with the appropriate state government office to form this.

• Proprietorship
• Partnership
• Corporation
• Franchise

Although this type of business can be formed through a verbal agreement between two or more individuals, it is better to have a written agreement

• Proprietorship
• Partnership
• Corporation
• Franchise

This type of business is subject to many more laws and are more difficult to form.

• Proprietorship
• Partnership
• Corporation
• Franchise

One advantage of this type of business is that you have a broader set of skills

• Proprietorship
• Partnership
• Corporation
• None of the above