Types of Business Organizations Quiz

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A corporation can act only through ______

agents

A sole proprietorship has the owner in command of the whole ______

business

Limited liability on the part of shareholders is a characteristic of a ______

corporation

In a partnership, control belongs to the ______ of the parties

agreement Signup and view all the answers

A partnership is created by mere ______ of the parties

agreement Signup and view all the answers

A corporation requires at least 5 but not more than 15 ______

incorporators Signup and view all the answers

Unlike corporations, a sole proprietorship is not governed by a separate law that governs its __________, management, and activities.

formation Signup and view all the answers

Many sole proprietors do business under their own names because creating a separate business or trade name isn't __________.

necessary Signup and view all the answers

The liability of the owner in a sole proprietorship includes unlimited liability, meaning creditors may pursue the owner's personal __________ and property.

assets Signup and view all the answers

In a sole proprietorship, there is no separation between the owner's personal and corporate affairs in the eyes of the __________.

law Signup and view all the answers

The assets and property of a sole proprietorship business may be pursued by creditors with whom the owner had acquired personal __________.

debts Signup and view all the answers

The Law on Partnership is governed by the Civil Code of the __________.

Philippines Signup and view all the answers

A ______ is an unincorporated business that has just one owner who pays personal income tax on profits earned from the business.

sole proprietorship Signup and view all the answers

A sole proprietorship is the oldest, simplest, and most prevalent form of ______ enterprise.

business Signup and view all the answers

The sole proprietor is personally liable for all the debts and obligations of the ______.

business Signup and view all the answers

The law merely recognizes the existence of a sole proprietorship as a form of ______ organization conducted for profit by a single individual.

business Signup and view all the answers

Partnership, corporation, and sole proprietorship are types of ______ organizations.

business Signup and view all the answers

A ______ is an unorganized business owned by one person.

sole proprietorship Signup and view all the answers

Types of Business Organizations Quiz

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Questions and Answers

A corporation can act only through ______

A sole proprietorship has the owner in command of the whole ______

Limited liability on the part of shareholders is a characteristic of a ______

In a partnership, control belongs to the ______ of the parties

A partnership is created by mere ______ of the parties

A corporation requires at least 5 but not more than 15 ______

Unlike corporations, a sole proprietorship is not governed by a separate law that governs its __________, management, and activities.

Many sole proprietors do business under their own names because creating a separate business or trade name isn't __________.

The liability of the owner in a sole proprietorship includes unlimited liability, meaning creditors may pursue the owner's personal __________ and property.

In a sole proprietorship, there is no separation between the owner's personal and corporate affairs in the eyes of the __________.

The assets and property of a sole proprietorship business may be pursued by creditors with whom the owner had acquired personal __________.

The Law on Partnership is governed by the Civil Code of the __________.

A ______ is an unincorporated business that has just one owner who pays personal income tax on profits earned from the business.

A sole proprietorship is the oldest, simplest, and most prevalent form of ______ enterprise.

The sole proprietor is personally liable for all the debts and obligations of the ______.

The law merely recognizes the existence of a sole proprietorship as a form of ______ organization conducted for profit by a single individual.

Partnership, corporation, and sole proprietorship are types of ______ organizations.

A ______ is an unorganized business owned by one person.

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