WorksheetsBOM Revision 1
Total questions: 10
Worksheet time: 5mins
What is a Sole Proprietorship?
Business owned by president
Business owned by several companies
Business owned by one person
Business owned by a company
Sole proprietorship business owner has
Restricted Liability
No Liability
Unlimited Liability
Limited Liability
Which of the following statement on a sole proprietor is INCORRECT?
He enjoys privacy in conducting the business.
He may keep all his business profit.
He enjoys separate legal personality.
It is less hassle to register a sole proprietorship.
Which of the following attributes is common to all types of partnership?
All partners will be personally liable for business debts.
There is no formal requirement to form the partnership.
All of the above.
None of the above
The least formal type of business organization is
joint venture
partnership
franchise
sole proprietorship
The minimum number of persons required to form a partnership is
1
2
5
10
A very large business with branches all over the world.
Sole Proprietorship
Partnership
Corporation
When Luigi's Pizzeria went out of business, he was still responsible for paying all of the restaurant's bills. What type of business did he have?
Sole Proprietorship
Partnership
Corporation
This business is long lasting, extending over several generation of owners; what type of business is it?
Sole Proprietorship
Partnership
Corporation
When one owner dies, the business is usually dissolved. What type of business is it?
Sole Proprieetorship
Partnership
Corporation
