BM Business Organizations and Planning

Front

Disadvantages include limited life and
the potential for conflict between partners. What type of business structure is being described? Options: Sole Proprietorship, Partnership, Corporation

Back

Partnership

Front

Advantages include limited liability for owners, unlimited life, and ease of transfer of ownership. What type of business entity is being described? Options: Sole Proprietorship, Partnership, Corporation

Back

Corporation

Front

What is the advantage of a general partnership over a sole proprietorship? Options: less efficiency due to shared management, more capital may be available, all partners legally bound by contracts, all partners must agree to changes in operations

Back

more capital may be available

Front

Which of the following is used to obtain financing and plan objectives for a business? Business Plan, Financial Plan, Mission Statement, Competitive Analysis

Back

Business Plan

Front

Disadvantages include unlimited liability, difficult to raise financial capital, difficulty attracting qualified employees, limited life; most common form of business organization in the US

Back

Sole Proprietorship

Front

Disadvantages include double taxation and more government regulation; advantage is limited liability. What type of business structure is being described?

Back

Corporation

Front

Characteristics include owned by two or more people and may be general or limited.

Back

Partnership

Front

You must file for permission to form from the national or state government. Options: Sole Proprietorship, Partnership, Corporation

Back

Corporation

Front

Which of the following is true in terms of sole proprietorship? Options: creditors have first claim in bankruptcy, no employees, all employees share liability, assets are safe from creditors

Back

creditors have first claim in bankruptcy

Front

What is it called when all authority can be traced in a direct line from top to bottom in an organization? Options: Matrix Structure, Staff Structure, Line Structure, Team Structure

Back

Line Structure