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FUHRMS: Forms Of Businesses I
Test Description: FUHRMS: Identify the form of the business organization.
Instructions: Answer all questions to get your test result.
1) Have the expertise of only the owner to call on.
A
Corporation
B
Partnership
C
Sole Proprietorship
D
Franchise
2) Shared profits between owners and ownership shares NOT easily transferred.
A
Corporation
B
Franchise
C
Sole Proprietorship
D
Partnership
3) Higher Taxes and start up costs.
A
Franchise
B
Partnership
C
Sole Proprietorship
D
Corporation
4) Easy transfer of ownership.
A
Partnership
B
Corporation
C
Franchise
D
Sole Proprietorship
5) Risk of conflict between owners.
A
Sole Proprietorship
B
Corporation
C
Partnership
D
Franchise
6) The owner bears all of the risk of loss, or unlimited liability.
A
Franchise
B
Partnership
C
Corporation
D
Sole Proprietorship
7) A business owned and managed by a single individual.
A
Partnership
B
Franchise
C
Sole Proprietorship
D
Corporation
8) A business organization owned by two or more persons who agree on a specific division of responsibilities and profits.
A
Franchise
B
Partnership
C
Corporation
D
Sole Proprietorship
9) The business has the promise of only one owner to use to try to secure money from investors or lenders.
A
Franchise
B
Partnership
C
Sole Proprietorship
D
Corporation
10) A legal entity owned by individual stockholders.
A
Corporation
B
Partnership
C
Franchise
D
Sole Proprietorship
*select an answer for all questions
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