1.02 Types Of Businesses: Question Preview (ID: 25662)


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Owned by one person
a) Sole Proprietorship b) Partnership c) Corporation d) Franchise
Owned by stockholders and treated by the law as its own entity
a) Franchise b) Corporation c) Partnership d) Sole Proprietorship
Contractual agreement between the parent company and the business operator to sell a company's products or services in a specific geographic area
a) Corporation b) Sole Proprietorship c) Partnership d) Franchise
Owned by two or more people
a) Franchise b) Partnership c) Sole Proprietorship d) Corporation
The easiest type of business to start but has unlimited liability (can be sued for everything)
a) Partnership b) Sole Proprietorship c) Corporation d) Franchise
Must share the profits and the risks equally
a) Sole Proprietorship b) Corporation c) Partnership d) Franchise
Has limited liability (cannot be sued for everything), is taxed, and government monitors closely
a) Corporation b) Franchise c) Partnership d) Sole Proprietorship
You have to follow strict rules on how to run the business
a) Sole Proprietorship b) Partnership c) Corporation d) Franchise
A law firms and medical practices are typically set up as this type of business
a) Partnership b) Sole Proprietorship c) Corporation d) Franchise
Taco Bell and Blockbuster would be two examples of this type of business
a) Corporation b) Partnership c) Franchise d) Sole Proprietorship
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