Finance Unbox-ED ($) - Grade 6-8 - Session 17 - Quiz 1

Student Name

Select the statement that is true about sole proprietorships

• Sole proprietorship is the simplest and most common form of business
• One person called the sole proprietor is owner of the business
• Both of the above
• None of the above

Sole proprietors do not employ other people in the business and do everything themselves

• True
• False

Sole proprietors get to keep all the profits of the business but are also liable for all the losses of the business

• True
• False

Select the statement that is true about partnerships

• In a partnership three or more people come together to start a business
• Partnership should be formed by people who trust each other
• Both of the above
• None of the above

Partners do all the work in a partnership and never employ other people

• True
• False

Partners must always share profit equally in a partnership

• True
• False

Select the business form for the largest businesses in the world

• Sole Proprietorships
• Partnerships
• Companies
• None of the above

People who start companies are often referred to as

• Sole Proprietors
• Partners
• Co-Owners
• Founders

Companies that operate only in their home country are called domestic companies

• True
• False