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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