Business organizations

This picture is an example of which type of business ?

• Partnership

• corporation

• sole

• franchise

  2

Unlimited liability means

• Business owner is not responsible for financial loss

• Business owner is responsible for all financial losses

• Business owner pays only half financial loss

• Business owner pays taxes

Which of these is an advantage of a sole proprietorship?

• It is recognized as a separate legal entity.

• It is easy to attract qualified employees.

• The owner does not have to share the profits of the business with anyone else.

• The proprietor does not have to pay income taxes for the business.

Which type of business offers the best chance for quick decision-making?

• Sole proprietorship

• General partnership

• Limited partnership

• Corporation

Sole proprietorship is the _______ type of business to start

The problem with Sole proprietorship is that business owners have to pay for all the debts and this is known as ________

In a Sole proprietorship owner keeps all the _____

Sole proprioterships are usually taxed ______

Sole proprioterships usually end if the owner dies this is known as ____

• limited life

• unlimited life

• unlimtied liability

• limited liability

Sole proprietorship a business owned and run by a

• group of 10

• group of 5

• two people

• single person