Podcast
Questions and Answers
What is the main advantage of a Sole Proprietorship?
What is the main advantage of a Sole Proprietorship?
- Unlimited source of capital
- Limited government requirements (correct)
- Incorporation of different personalities
- Shared decision-making
How many individuals can form a Partnership?
How many individuals can form a Partnership?
- Unlimited number of individuals
- At least 10 individuals
- Exactly 3 individuals
- Maximum of 5 individuals (correct)
What is a disadvantage of a Partnership?
What is a disadvantage of a Partnership?
- Lack of shared burden
- Limited life
- Potential for disagreements among partners (correct)
- Unlimited liability
Which form of business organization is suited for small businesses?
Which form of business organization is suited for small businesses?
What type of partner contributes capital in cash or property?
What type of partner contributes capital in cash or property?
Why might management in a Sole Proprietorship be dependent on the capacity of the owner?
Why might management in a Sole Proprietorship be dependent on the capacity of the owner?
What type of partner contributes industry, labor, skill, talent, and capital to the partnership?
What type of partner contributes industry, labor, skill, talent, and capital to the partnership?
Which partner's liability to third persons is limited only to the extent of their capital contribution to the partnership?
Which partner's liability to third persons is limited only to the extent of their capital contribution to the partnership?
Who is considered a silent partner?
Who is considered a silent partner?
What type of partner manages actively the business of the partnership?
What type of partner manages actively the business of the partnership?
Which partner is known to the public as a partner of the business but has a concealed connection with the partnership?
Which partner is known to the public as a partner of the business but has a concealed connection with the partnership?
What type of entity is owned by its shareholders with a board of directors overseeing its activities?
What type of entity is owned by its shareholders with a board of directors overseeing its activities?
What is a disadvantage of a Limited Liability Corporation?
What is a disadvantage of a Limited Liability Corporation?
Which type of business activity involves providing services rather than products to customers?
Which type of business activity involves providing services rather than products to customers?
What does merchandising involve?
What does merchandising involve?
Which of the following is an example of a service business?
Which of the following is an example of a service business?
What characterizes manufacturing as a type of business activity?
What characterizes manufacturing as a type of business activity?
In the context of business activities, what is the primary difference between retailing and wholesaling?
In the context of business activities, what is the primary difference between retailing and wholesaling?
