Q.1
Which of the following is an advantage of a partnership?
  • Unlimited Liability
  • Arguments
  • Shared responsibility
  • Less investors
Q.2
Which of the following is not the feature of the sole trade?
  • Individual ownership
  • Limited liability
  • Secrecy
  • Undivided risk
Q.3
Which of the following is not the advantage of the sole trader?
  • Easy formation
  • Quick decision
  • Unlimited liability
  • Personal control
Q.4
Final account includes
  • Trial balance
  • journal entries
  • trading account ,profit and loss account and balance sheet
  • ledger account
Q.5
Which of the following is NOT a type of business ownership?
  • partnership
  • sole proprietorship
  • entrepreneurship
  • franchise
Q.6
Nike, Google and Apple are examples of.....
  • Sole Proprietorships
  • Partnerships
  • Corporations
  • Franchises
Q.7
Closing stock is recorded in trading account and ___________________________
  • balancesheet liablity side
  • balancesheet asset side
  • profit and loss account
  • trading account debit side
Q.8
Sole Proprietorship is most suitable for
  • Medium scale concerns
  • Large scale concerns
  • Small scale concerns
  • None of the above
Q.9
Which of the following is a type of business which operates as a separate legal entity?
  • corporation
  • franchise
  • partnership
  • sole partnership
Q.10
Which of the following is the process of issuing loans in small amounts?
  • macrolending
  • microlending
  • granting
  • leasing
Q.11
How is a corporation different from a sole proprietorship or partnership?
  • A corporation has only one or two owners.
  • A corporation is usually owned by one person.
  • A corporation requires a legal charter with the state.
  • The owners (stockholders) have limited liability.
Q.12
An amount written in parentheses on a financial statement indicates an estimate.
  • True
  • False
Q.13
This type of business is owned by one person.
  • Partnership
  • Sole Proprietorship
  • Corporation
  • Franchise
Q.14
This type of business is a contractual agreement with a parent company to sell its products/services in an area.
  • Sole Proprietorship
  • Partnership
  • Corporation
  • Franchise
Q.15
Owners share the risks and the profits.
  • Proprietorship
  • Partnership
  • Corporation
  • None of the above
Q.16
This type of organization is a legal entity separate from its owners.
  • Sole proprietorship
  • Partnership
  • Corporation
  • Franchise
Q.17
Owned by two or more individuals.
  • Proprietorship
  • Partnership
  • Corporation
  • None of the above
Q.18
Disadvantages of this business type include: needs a partnership agreement, partners might not get along, owners share profits, unlimited liability.
  • Sole Proprietorship
  • Partnership
  • Corporation
  • Franchise
Q.19
McDonald's and Burger King are examples of....
  • Sole Proprietorships
  • Partnerships
  • Corporations
  • Franchises
Q.20
Disadvantages of this type of business include: company is taxed on profits, regulated by the government, and hard to start.
  • Sole Proprietorship
  • Partnership
  • Corporation
  • Franchise
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