
Accounting Types of Organiztions Week 4 P3
Interactive Video
•
Business
•
11th Grade
•
Practice Problem
•
Medium
Miracle Curvy
Used 1+ times
FREE Resource
5 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • Ungraded
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2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What defines a sole proprietor?
A business with multiple owners.
A business that has formed a separate legal entity.
A business where the owner and the business are legally indistinguishable.
A business that requires a significant formation fee.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is required if a sole proprietor wishes to operate under a trade name different from their own legal name?
Forming a corporation.
Obtaining a DBA (Doing Business As).
Registering with the federal government.
Paying a fixed $50 fee.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a sole proprietorship owes more than $1000 in taxes by year-end, what does the IRS require?
Monthly tax payments.
Estimated quarterly tax payments.
A single payment at the end of the year.
No additional payments, only the annual income tax return.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a significant drawback of operating as a sole proprietor?
High formation fees.
Extensive ongoing maintenance responsibilities.
Lack of personal liability protection.
Inability to use a trade name.
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