Business Structures And Business Plans Review QUIZ: Question Preview (ID: 26068)


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A business that is owned by stockholders and has rights and responsibilities as if it were a person.
a) Sole Proprietorship b) Partnership c) Corporation d) Entrepreneuership
Virtually all businesses in the United States are large corporations.
a) True b) False c) d)
The simplest form of business ownership is a:
a) Partnership b) Entrepreneurship c) Corporation d) Sole Proprietership
An advantage of a corporation is that they have to pay corporate income taxes.
a) True b) False c) d)
A sole proprietorship is a business where all of the following are true EXCEPT
a) pays lower taxes compared to a corporation b) the owner has complete control over all decisions c) the owner is responsible for all losses d) the owner can sell stock to raise money
All of the following are characteristics of corporations EXCEPT
a) is managed by a board of directors b) can raise money by selling stock c) is very easy to start up and end the business d) pays corporate income tax
A Sole Proprietorship has to pay more money in taxes than a Corporation!
a) True b) False c) d)
All of the following are characteristics of partnerships EXCEPT
a) partners can divide the workload b) is easier to raise money to start with multiple partners c) partners have to split the profits d) the business has an unlimited life span
Corporations mostly have a limited life span!
a) True b) False c) d)
A business that is owned and managed by one individual who receives all the profits, but is responsible for all the losses.
a) Sole Proprietorship b) Partnership c) Corporation d) Entrepreneur
A written document that describes an idea for a product or service and how it will make money!
a) Expense Report b) Revenue Plan c) Business Plan d) Business Loan
A Partnership is easier to raise money than a Sole Proprietorship.
a) True b) False c) d)
One advantage of a partnership is owners can combine their business skills to help the business succeed!
a) True b) False c) d)
A business that is owned and managed by two or more individuals who receive all the profits and share responsibility for the losses.
a) Sole Proprietorship b) Corporation c) Partnership d) Entrepreneuership
The main difference between a sole proprietorship and a partnership is a partnership has more than one owner.
a) True b) False c) d)
A Business Plan will include:
a) Description of how your product works! b) How much you will charge for your product! c) Where you will sell your product! d) All answers are correct!
One advantage of a partnership is owners can combine their business skills to help the business succeed.
a) True b) False c) d)
If a business owner wants complete control over their business, they should start a corporation.
a) True b) False c) d)
A Sole Proprietorship has to pay more money in taxes than a Corporation.
a) True b) False c) d)
A Partnership is easier to raise money than a Sole Proprietorship.
a) True b) False c) d)
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