What is a Sole Proprietorship?
  • A business where 2 or more people share ownership
  • A business owned by shareholders
  • A business that is owned by one individual
What percentage of the profits in sole proprietorship is the owner designated to?
  • 75%
  • 100%
  • 54%
  • 0%
Which of the following is an advantage of sole proprietorship?
  • Owner has complete control
  • Owner gets all the stress
  • Cannot raise capital
  • All the above
A sole proprietorship is easier and less costly than starting any other form of business.
  • Ture
  • False
Partnership requires at least three people
  • True
  • False
In partnership, decisions require agreement
  • True
  • False
Business owned by shareholders is
  • Partnership
  • Sole proprietorship
  • Corporation
  • Franchise
How many members are in a sole proprietorship?
  • 4
  • 2
  • 1
  • 3
A group of people who jointly oversee the activities of a corporation
  • Employees
  • Board of Directors
  • Volunteers
  • None of the above
A corporation can continue to exist after the death of its owners
  • True
  • False
Franchisors usually provide all of the listed items except....
  • Advertising
  • Training
  • Loan
  • Equipment
How many years to franchise agreements last?
  • 1-5
  • 5-10
  • 10-15
  • 15-20
Types of businesses are classified by the work activities performed.
  • True
  • False
Develop products for distribution from raw goods
  • Processors
  • Producers
  • Manufacturers
An example of a service firm is
  • Beauty Salon
  • Mechanic
  • Landscaping
  • All of the above
Salvation Army is a Profit Organization
  • True
  • False
An automobile factory is considered a
  • Processor
  • Manufacturer
  • Producer
Buy finished goods from manufacturers in large quantities and sell them to businesses in smaller quantities
  • Wholesale
  • Retailers
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