FUHRMS: Forms Of Businesses II

Test Description: FUHRMS: Identify the form of the business organization.

Instructions: Answer all questions to get your test result.

1) The most talented potential employees would tend to prefer the job security of working in larger firms. rather than this type.

2) Easier to raise money and expand.

3) Fewer regulations to follow but shared profits.

4) Owner has the maximum degree of control over business decisions.

5) The owner could lose personal equity if the business fails.

6) Owner liability is limited to their investment (share) in the corporation

7) The owner may be a great accountant but only a fair salesperson.

8) An agreement by two or more persons to carry on, as co-owners, a business for profit.

9) A business entity formed in compliance with the statutory requirements of its state of incorporation in order to receive a charter.

10) Someone who initiates and assumes the financial risk of a new enterprise.


*select an answer for all questions

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