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Commerce
Sole Proprietorship
Quiz 2
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Q.1
Advantages of this type of business include: easy to start, and you can rely on a good company name and expertise.
Sole Proprietorship
Partnership
Corporation
Franchise
Q.2
The area of accounting which focuses on reporting information to internal users.
Financial Accounting
Payroll Accounting
Managerial Accounting
Accounts Payable Accounting
Q.3
A comparison between two components of financial information.
Financial ratio
Ratio analysis
Money ratio
Cash ratio
Q.4
This type of business is owned by many people called stockholders.
Sole Proprietorship
Partnership
Corporation
Franchise
Q.5
Advantages of this business include: easier to get money from the bank to start, share skills and share risks.
Sole Proprietorship
Partnership
Corporation
Franchise
Q.6
Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.
Sole Proprietorship
Partnership
Corporation
Franchise
Q.7
Law firms and doctor's offices are examples of.....
Sole Proprietorships
Partnerships
Corporations
Franchises
Q.8
Which type of business allows the owner to keep all of the profit for him/herself?
Partnership
Franchise
Sole Proprietorship
Corporation
Q.9
When comparing the four main types of business organizations, which protects owners the MOST from personal financial liability due to being sued by a customer?
Sole Proprietorship
Partnership
Franchise
Corporation
Q.10
No paperwork (charter or agreement) is required to start which type of business?
Partnership
Franchise
Sole Proprietorship
Corporation
Q.11
Disadvantages of this type of business include: parent company is strict, you are limited in what you sell, and you must operate like every other franchise.
Sole Proprietorship
Partnership
Corporation
Franchise
Q.12
___________ are words, symbols, names or devices used to specify the source of the goods, and are used to differentiate them from others.
copyrights
patents
licenses
trademarks
Q.13
A _______ forms boards to act as governing bodies. It is the most complicated form of business.
franchise
partnership
sole proprietorship
corporation
Q.14
A _____ is owned and operated by one individual; an example would be a plumber.
franchise
partnership
sole propietorship
corporation
Q.15
A _____ is the right or license to sell a company's product or service at a designated location; an example would be McDonalds.
franchise
partnership
sold prprietorship
corporation
Q.16
A _____ is a legal agreement between two or more people, and is the least common form of business.
franchise
partnership
sole prorietorship
corporation
Q.17
Words, symbols, names or devices used to specify goods and differentiate one good from another are which of the following?
Trademark
Domain names
Patents
Copyrights
Q.18
For starting Sole proprietorship, expert persons and enough capital are required.
True
False
Q.19
The sole trade is useful for beauty parlour.
True
False
Q.20
Is a sole proprietor bound to publish his/her business accounts?
Yes
No
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