CHAPTER 2

What is a sole proprietorship?

• A sole proprietorship is a type of business entity where multiple individuals own and operate the business.

• A sole proprietorship is a type of business entity where the government owns and operates the business.

• A sole proprietorship is a type of business entity where the business is owned and operated by a corporation.

• A sole proprietorship is a type of business entity where an individual owns and operates the business.

Who is the sole owner of a sole proprietorship?

• Corporation

• Government

• Partnership

• Individual

What is a partnership?

• A partnership is a business structure in which only one individual owns and is responsible for a company.

• A partnership is a business structure in which two or more individuals share ownership but not responsibility for a company.

• A partnership is a business structure in which two or more individuals share responsibility but not ownership for a company.

• A partnership is a business structure in which two or more individuals share ownership and responsibility for a company.

How many owners are there in a partnership?

• 5

• 2 or more

• 3

• 1

What is a corporation?

• A corporation is a type of partnership.

• A corporation is a non-profit organization.

• A corporation is a government agency.

• A corporation is a legal entity that is separate and distinct from its owners.

Who owns a corporation?

• board of directors

• employees

• government

• shareholders

What is a cooperative?

• A cooperative is a type of business organization owned and operated by a corporation.

• A cooperative is a type of business organization owned and operated by the government.

• A cooperative is a type of business organization owned and operated by a group of individuals for their mutual benefit.

• A cooperative is a type of business organization owned and operated by a single individual.

Who are the members of a cooperative?

• Only organizations

• Individuals or organizations

• Only individuals

• Only government agencies

Which form of business ownership has unlimited liability?

• partnership

• corporation

• sole proprietorship

• limited liability company

Which form of business ownership has limited liability?

• sole proprietorship

• limited liability company

• partnership

• corporation