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Chapter 6 Review

Quiz by Kathryn Clapper

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22 questions
Show answers
  • Q1
    Which of the following is NOT one of the 3 main types of business organization:
    corporations
    partnerships
    non profit organizations
    sole prprietorships
    20s
  • Q2
    During the life of a business, its form can never change
    true
    false
    20s
  • Q3
    What percentage of all businesses in the U.S. are sole proprietorships?
    72%
    20%
    50%
    3%
    10s
  • Q4
    A sole prorprietor's personal tax rate is often higher than the corporate tax rate.
    false
    true
    20s
  • Q5
    A business owned by two or more people is called a:
    corporation
    franchise
    partnership
    sole proprietorship
    10s
  • Q6
    One advantage of a partnership is:
    when an owner dies the company ends
    obtaining capital
    decisions are made by one person
    stockholders have control
    30s
  • Q7
    An advantage of a partnerships is:
    banks are more willing to lend money
    a board of directors handles all disputes
    all the partners share the business risks
    easy to obtain a charter
    30s
  • Q8
    A company that is registered by a state and operates apart from its owners is a:
    franchise
    partnership
    corporation
    non profit organization
    30s
  • Q9
    To raise money a corporation can:
    sell shares of stock in the company
    borrow at a lower interest rate
    buy other corporate stock
    sell off assets
    20s
  • Q10
    An advantage of a corporation is that the owner is responsible for no more than the capital that they have invested in it.
    false
    true
    20s
  • Q11
    A corporation ends when the owner(s) die.
    true
    false
    20s
  • Q12
    When corporations pay taxes on their income and stockholders pay taxes on profits issued to them it is called:
    sub taxation
    triple taxation
    double taxation
    corporate rip-off
    20s
  • Q13
    The government regulates partnerships more than other types of businesses.
    true
    false
    20s
  • Q14
    Corporations are difficult and costly to start.
    false
    true
    10s
  • Q15
    To start a corporation the owner must get a _________________ __________________ from the state where their main office will be located.
    tax identification number
    tax exempt number
    corporate account
    corporate charter
    20s

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