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Sole proprioterships and partnerships

Quiz by Sarah Ayyad

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10 questions
Show answers
  • Q1
    What is one key difference between a sole proprietorship and a partnership?
    Partnerships are subject to more taxes than sole proprietorships.
    Both are owned by a single individual.
    A sole proprietorship requires a written agreement, but a partnership does not.
    A sole proprietorship is owned by one person, whereas a partnership is owned by two or more people.
    30s
  • Q2
    Which of the following is a disadvantage of a sole proprietorship?
    The owner can easily raise capital by selling shares.
    Profits are split among multiple owners.
    The owner has unlimited personal liability for business debts.
    The business doesn't require any licenses or permits.
    30s
  • Q3
    What is a primary advantage of forming a partnership?
    It is easier to attract investors compared to a sole proprietorship.
    Partners can pool their resources and share the workload.
    A partnership requires less paperwork than a corporation.
    Partners are not personally liable for business debts.
    30s
  • Q4
    What legal document is often used to outline the terms of a partnership?
    A sole proprietorship contract.
    A business license.
    A partnership agreement.
    An operating agreement.
    30s
  • Q5
    In a sole proprietorship, what happens to the business when the owner dies?
    The business typically dissolves unless there is a plan for transfer of ownership.
    The business automatically transfers to a partner.
    The business becomes a corporation.
    It continues operating under a new name.
    30s
  • Q6
    Which type of business structure allows for shared decision-making among owners?
    Franchise.
    Sole proprietorship.
    Corporation.
    Partnership.
    30s
  • Q7
    Which of the following best describes a sole proprietorship?
    A licensed franchise from a larger corporation.
    A business owned and operated by a single individual.
    A business run by a nonprofit organization.
    A business owned by a group of investors.
    30s
  • Q8
    What is a common reason individuals choose to start a sole proprietorship?
    It allows for unlimited partners.
    It guarantees limited liability.
    It is easy and inexpensive to set up.
    It requires extensive paperwork and regulatory approval.
    30s
  • Q9
    What is one of the main disadvantages of a partnership?
    Partnerships have unlimited funding options.
    Partners may have disagreements about business decisions.
    The partnership cannot be dissolved without a unanimous decision.
    All partners are personally responsible for business debts.
    30s
  • Q10
    How are profits typically handled in a partnership?
    All profits go to the managing partner.
    Profits are reinvested into the business automatically.
    Profits are taxed at a higher rate than in a sole proprietorship.
    Profits are shared among partners according to their agreement.
    30s

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