Sole Proprietorship and Partnership
Authored by Emmanuel Enakhifo
Business
10th Grade
Used 8+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main characteristic of a Sole Proprietorship?
Owned by two or more partners
Owned by the government
Owned by a corporation
Owned by one person
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main source of fund for Sole Proprietorship from the given text?
Trade Credit
Personal Savings
Loans
Partners' Capital
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main characteristic of a Partnership?
Owned by the government
Owned by two or more partners
Owned by a corporation
Owned by one person
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main type of partner who has limited liability and is not involved in daily operations?
Nominal Partner
Sleeping/Silent Partner
Limited Partner
General Partner
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main advantage of a Sole Proprietorship?
Shared Responsibility
Unlimited Liability
Easy Decision Making
Shared Profits
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main disadvantage of a Partnership?
Unlimited Liability
Easy Decision Making
Shared Responsibility
Shared Profits
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main characteristic of a Limited Partner?
Fully responsible for the business and its debts
Has limited liability and is not involved in daily operations
Contributes capital but has no involvement in decision-making
Contributes only his or her name in setting-up the business
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