Accounting Chapter 2 Review

A very large business with branches all over the world.

• Sole Proprietorship

• Partnership

• Corporation

A father who wants to take his son into the business with him should form this type of business.

• Sole Proprietorship

• Partnership

• Corporation

Someone who wants to control every aspect of their business should form this type of business.

• Sole Proprietor

• Partnership

• Corporation

Maria is using her savings to open a shop selling clothing from Mexico. What type of business is it?

• Sole Proprietorship

• Partnership

• Corporation

Louise and Susan are meeting to plan a new advertising campaign for the town newspaper they own. What type of business do they have?

• Sole Proprietorship

• Partnership

• Corporation

When Luigi's Pizzeria went out of business, he was still responsible for paying all of the restaurant's bills. What type of business did he have?

• Sole Proprietorship

• Partnership

• Corporation

Marco's computer repair business has limited financial resources. What type of business is it?

• Sole Proprietorship

• Partnership

• Corporation

This business is legally separate from individual owners, and the owners are not personally responsible for debts and obligations of the business. What type of business is it?

• Sole Proprietorship

• Partnership

• Corporation

This business is long lasting, extending over several generation of owners; what type of business is it?

• Sole Proprietorship

• Partnership

• Corporation

When one owner dies, the business is usually dissolved. What type of business is it?

• Sole Proprieetorship

• Partnership

• Corporation