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POB Review 5
Test Description: POB
Instructions: Answer all questions to get your test result.
1) Todd decided to form a corporation instead of a sole proprietorship because of which ADVANTAGE listed below?
A
Control of decisions.
B
Limited liability
C
Single taxation
D
Potential of unlimited life.
2) Chun purchased 150 shares of stock in the Panasonic Company. How many votes will she have at the next stockholder’s meeting?
A
75
B
1
C
None
D
150
3) Both Bob and Jeri contributed to the expansion of their business to sell more brands of tires. They both experienced which ADVANTAGE of a partnership over a sole proprietorship?
A
More capital available
B
Ease of formation
C
Control of decisions.
D
Potential of unlimited life.
4) Carlos ignores minor decisions in his business even though his name is on the sign as one of the owners. This is an example of what type of business ownership?
A
Sole Proprietorship
B
Franchise
C
Partnership
D
Corporation
5) Mary owns stock for several companies, which she plans to pass ownership to her grandchildren. She chose this form of ownership over sole proprietorship because of the ADVANTAGE of:
A
Control of decisions
B
Potential of unlimited life.
C
More capital available
D
Franchise
6) Several small businesses that sell organic foods have joined together to increase their chances to pay lower prices for inventory. This is an example of what type of business?
A
Kaleidoscope
B
Cooperative
C
Corporation
D
Collaborative
7) Since Jane’s corporation has become so popular, she has decided to allow other businesses to sell her products. This is an example of what type of business?
A
Franchise
B
Partnership
C
Corporation
D
Sole Proprietorship
8) Tami wants to invest money in shares of stock. She would have to pay taxes on her earnings twice. Which is an ADVANTAGE of a sole proprietorship over a corporation?
A
Awkward Silences
B
Single Taxation
C
Unlimited Liability
D
Ease of Formation
9) Tami prefers working alone in her auto body shop and being in control of the daily activities. This type of business ownership ADVANTAGE over corporation is:
A
More capital available
B
Potential of unlimited life.
C
Control of decisions
D
Limited liability
10) Even though a company may sell shares of stock, it relies on a central body of people for financial directions. This is an example of what type of business?
A
Sole Proprietorship
B
Franchise
C
Corporation
D
Partnership
11) Hank has ownership, even without liability over his initial investment, along with George for a local business. This is an example of what type of business ownership?
A
Partnership
B
Sole Proprietorship
C
Franchise
D
Corporation
12) Tami opened an auto body shop after repairing a couple of cars to the high satisfaction of customers. She has experienced which ADVANTAGE over a corporation?
A
Ease of formation
B
Limited Liability
C
Single Taxation
D
Control Over Decisions
*select an answer for all questions
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