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Sole Proprietorship Advantages Quiz
10 Questions
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Sole Proprietorship Advantages Quiz

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Questions and Answers

Which business structure is the easiest and least expensive to organize?

  • Corporation
  • Limited Liability Company
  • Sole Proprietorship (correct)
  • Partnership

    • Which business structure involves two or more people?

  • Sole Proprietorship
  • Limited Liability Company
  • Partnership (correct)
  • Corporation

    • Which business structure offers limited liability to its owners?

  • Limited Liability Company
  • Partnership
  • Sole Proprietorship
  • Corporation (correct)

    • Which business structure is personally responsible for all business debts?

    <p>Sole Proprietorship</p> Signup and view all the answers

    Which business structure allows for the pooling of knowledge and skills for better decision-making?

    <p>Partnership</p> Signup and view all the answers

    Which one of the following is an advantage of incorporating a business as a corporation?

    <p>Ability to sell stock</p> Signup and view all the answers

    Which one of the following is a disadvantage of incorporating a business as a corporation?

    <p>Double taxation</p> Signup and view all the answers

    What is a franchise?

    <p>A system where an entrepreneur pays to use another company's business model</p> Signup and view all the answers

    Which one of the following is an advantage of owning a franchise?

    <p>Recognized brand</p> Signup and view all the answers

    Which one of the following is a disadvantage of owning a franchise?

    <p>Cost</p> Signup and view all the answers

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