Business Essentials

Which of the following is a trough?

• A

• B

• C

• D

What is a form of business ownership in which 2 or more people jointly owns a business

• Sole Proprietorship

• Company

• Partnerships

Advantage of this business is that owner keeps all the profit and is his own boss

• Partnership

• Sole proprietorship

• Corporation

• Franchise

One advantage of a partnership is that there are more sources of capital available than in a sole proprietorship.

• True

• False

-Publicly traded company
-Governed by Board of Directors
-CEO, COO, CFO
-Stocks sold to raise capital

• Corporation

• Limited Liability Company

• Partnership

• Cooperative

Someone who is self-employed and runs their own business is likely to be a ...

• Partnership

• Sole trader

• Limited company

• Public limited company

What is the primary purpose of a business plan?

• To secure funding

• To hire employees

• To advertise products

• To set prices

Which of the following is a key characteristic of a sole proprietorship?

• Limited liability

• Shared ownership

• Single owner

• Corporate tax

What is a major advantage of forming a corporation?

• Unlimited liability

• Tax benefits

• Ease of formation

• Limited liability

Which business structure is known for having the simplest tax requirements?

• Corporation

• Partnership

• Sole proprietorship

• Limited liability company