Accounting Quiz Business Structures

Name

Sole Proprietorship can be defined as:

• Legal business structure consisting of a single individual
• Legal business structure consisting of an association of two or more people who contribute money, property, or services as co-owners of a business
• Legal business structure involving one or more individuals (owners) who are legally distinct (separate) from the business.

Walmart can be best defined as a:

• Partnership
• Corporation
• Sole Proprietorship

Partnership can be defined as:

• Legal business structure consisting of a single individual
• Legal business structure consisting of an association of two or more people who contribute money, property, or services as co-owners of a business
• Legal business structure involving one or more individuals (owners) who are legally distinct (separate) from the business.

It is easier for a corporation to raise capital than other legal business structures.

• True
• False

Sole Proprietorships and Partnerships have limited liability

• True
• False

Business model in which individuals or entrepreneurs purchase the rights to operate a business from a larger, established company

• Corporation
• Partnership
• Franchise
• Sole Proprietorship

Tax evasion is:

• The illegal nonpayment or underpayment of tax.
• The arrangement of one's financial affairs to minimize tax liability within the law.

The ________________ is granted the right to use the ______________ brand name, trademarks, business processes, and operational support.

• Franchisee, franchisor's
• Franchisor, franchisee's

Which of the following have single taxation (2 answers)

• Franchise
• Sole Proprietorship
• Corporation
• Partnership