Business Organizations

A business owned and managed by a single individual which is easy to establish and is single taxed is known as?

• Liability

• Partnership

• Sole Proprietorship

A business in which two or more persons combine their assets and skills, sharing profits, and liability is known as?

• Partnership

• Merger

• Sole Proprietorship

The combination of 2 firms through a purchase or sale of the company or brands is known as?

• Partnership

• Merger

• Corporation

A group of diverse companies under common ownership and run as a single organization is known as?

• Board of Directors

• Conglomerate

• Non-Profit Company

• Multi-national

A business which is owned by multiple shareholders is known as?

• Corporation

• Board of Directors

• Conglomerate

Profits of a corporation; shared among stockholders is known as?

• Dividend

• Sole Proprietorship

• Corporate Tax

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

• partnership

• Multinational

• Corporation

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

• limited life

• unlimited life

• unlimited liability

• limited liability