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POB 2.01
Test Description: POB 2.01
Instructions: Answer all questions to get your test result.
1) 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
potential of unlimited liability.
B
potential of unlimited life.
C
single taxation.
D
limited capital.
2) Todd prefers business ownership that will not require his attention to daily activities. He chose this form of ownership over sole proprietorship because of
A
Limited life
B
Limited liability
C
Single taxation
D
Recipient of 100% of Profit
3) 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
limited life.
B
unlimited liability.
C
limited capital.
D
control of decisions.
4) 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
Unlimited liability
B
Limited capital
C
Single taxation
D
Limited life
5) 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
Double taxation
B
Limited capital
C
Unlimited liability
D
Ease of formation
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
Corporation
B
Sole proprietorship
C
Cooperative
D
Franchise
7) 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
Cooperative
C
Corporation
D
Sole proprietorship
8) 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
Partnership
B
Corporation
C
Sole propriertorship
D
Franchise
9) Jane’s corporation has become so popular that she has decided to allow other businesses to sell her products. This is an example of what type of business?
A
Corporation
B
Franchise
C
Sole proprietorship
D
Partnership
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
Partnership
B
Cooperative
C
Sole proprietorship
D
Corporation
*select an answer for all questions
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