IBT-7, Quiz#7

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10 points

Microsoft, Yahoo! and Google began as small businesses.

True

False

10 points

Compared to a partnership, a corporation is fairly easy to create.

True

False

10 points

The law treats a corporation as a separate legal entity.

True

False

10 points

Which type of business ownership issues stock?

partnership

franchise

sole proprietorship

corporation

10 points

A legal agreement that gives an individual the right to market a company’s products or services in a particular area.

cororation

partnership

sole proprietorship

franchise

10 points

Randy is good at repairing computers, so he decided to use his skills and start a business. He makes all the decisions, and faces unlimited liability if he cannot pay the bills. What type of business does Randy operate?

sole proprietorship

franchise

corporation

partnership

10 points

Which of the following best describes an entrepreneur?

b. An individual who creates a new business product

d. A risk taker who seeks a profitable opportunity

a. The owner of a small business

c. The investors in a new business

10 points

A sole proprietorship is a business where all of the following are true except that

a. the owner has complete control over decision making

c. the proprietor is liable for losses to the extent of his or her personal assets

b. profits are only taxed once as the proprietor's income

e. the proprietor can sell stock to increase its capital resources

d. the proprietorship is the most numerous type of business in the United States

10 points

The three basic forms of business ownership in the United States are

c) joint venture, cooperative, and holding company.

b) full partnership, nominal partnership, and silent partnership.

d) monopoly, duopoly, and oligopoly.

a) sole proprietorship, partnership, and corporation.

10.

10 points

One of the main advantages of buying a franchise is name recognition.

True

False

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