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Business Organization Assessment Quiz

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Questions and Answers

What is an advantage of sole proprietorship?

It involves multiple owners

Proprietors have complete control over the business (correct)

It requires a large initial capital

The business structure is complex

What should a business owner carefully assess?

The advertising strategies of the business

The way the business is formed and structured (correct)

The location of the business

The employee benefits of the business

What type of companies are typically owned by one person in a hands-on management role?

Corporation

Sole Proprietorship (correct)

Limited Liability Company (LLC)

Partnership

What is a disadvantage of sole proprietorship?

Proprietors have unlimited liability Signup and view all the answers

What do sole proprietors own in their business?

The entire business, including all assets and profits Signup and view all the answers

What are assets in the context of business ownership?

Resources with economic value that are owned and controlled by the business owners Signup and view all the answers

What is a potential disadvantage of obtaining additional capital for a partnership?

Low guarantee of profitable returns to lenders Signup and view all the answers

In a general partnership, how are profits and losses typically shared?

Both profits and losses are shared Signup and view all the answers

What is a key characteristic of a limited partnership?

Must have at least two general partners Signup and view all the answers

What does the text identify as an advantage of a corporation?

Wider capital base Signup and view all the answers

Why might highly skilled employees be hesitant to work in a partnership?

Low chance to advance in their careers Signup and view all the answers

What makes expansion easier in a limited partnership?

More people managing different branches Signup and view all the answers

What is a potential disadvantage of partnerships?

Partners are jointly liable for all obligations and effects Signup and view all the answers

What distinguishes a limited partnership from a general partnership?

At least one general partner and one limited partner required Signup and view all the answers

What is one reason why expansion is easier in a limited partnership?

More people involved in managing different branches Signup and view all the answers

Why might obtaining additional capital be difficult for partnerships?