Podcast
Questions and Answers
Which business structure is the easiest and least expensive to organize?
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?
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?
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?
Which business structure is personally responsible for all business debts?
Which business structure allows for the pooling of knowledge and skills for better decision-making?
Which business structure allows for the pooling of knowledge and skills for better decision-making?
Which one of the following is an advantage of incorporating a business as a corporation?
Which one of the following is an advantage of incorporating a business as a corporation?
Which one of the following is a disadvantage of incorporating a business as a corporation?
Which one of the following is a disadvantage of incorporating a business as a corporation?
What is a franchise?
What is a franchise?
Which one of the following is an advantage of owning a franchise?
Which one of the following is an advantage of owning a franchise?
Which one of the following is a disadvantage of owning a franchise?
Which one of the following is a disadvantage of owning a franchise?
Flashcards
Sole Proprietorship
Sole Proprietorship
One person owns and operates the business; the simplest and least costly structure.
Partnership
Partnership
Two or more people join forces to run a business.
Corporation
Corporation
A legal entity separate from its owners, offering liability protection.
Sole Proprietorship Liability
Sole Proprietorship Liability
Signup and view all the flashcards
Partnership Advantage
Partnership Advantage
Signup and view all the flashcards
Corporation Advantage
Corporation Advantage
Signup and view all the flashcards
Corporation Disadvantage
Corporation Disadvantage
Signup and view all the flashcards
Franchise
Franchise
Signup and view all the flashcards
Franchise Advantage
Franchise Advantage
Signup and view all the flashcards
Franchise Disadvantage
Franchise Disadvantage
Signup and view all the flashcards
