Types of Businesses

What is a Sole Proprietorship?

• A business where 2 or more people share ownership

• A business owned by shareholders

• A business that is owned by one individual

What percentage of the profits in sole proprietorship is the owner designated to?

• 75%

• 100%

• 54%

• 0%

Which of the following is an advantage of sole proprietorship?

• Owner has complete control

• Owner gets all the stress

• Cannot raise capital

• All the above

A sole proprietorship is easier and less costly than starting any other form of business.

• Ture

• False

Partnership requires at least three people

• True

• False

In partnership, decisions require agreement

• True

• False

Business owned by shareholders is

• Partnership

• Sole proprietorship

• Corporation

• Franchise

How many members are in a sole proprietorship?

• 4

• 2

• 1

• 3

A group of people who jointly oversee the activities of a corporation

• Employees

• Board of Directors

• Volunteers

• None of the above

A corporation can continue to exist after the death of its owners

• True

• False