Topics 4 & 5

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

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

Business owned by shareholders is

• Partnership

• Sole proprietorship

• Corporation

• Franchise

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

• True

• False

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

Over 2 millions people own stock in American Steel; what type of business is it?

• Sole Proprietorship

• Paartnership

• 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

Google, Amazon, and Facebook are examples of...

• Sole Proprietorships

• Partnerships

• Corporations

What do we call a person who is willing to take the risks of starting a business in order to make a profit?

• Proprieter
• Partner
• Entrepreneur
• Incorporater