Out of the total number of businesses in the U.S., Partnerships has the largest percentages.
What is False.
100
Give me an example of a franchise.
What is McDonald's restaurant
200
What is the percentage of all businesses in the U.S. that are in Sole Proprietors?
What is 72%
They are the most common type of business in US
200
Who is responsible if one partner makes a mistake?
What is all partners.
200
What is the major advantage of a corporation?
What is limited liability.
200
Sole Proprietorships' taxes are lower than a corporation's.
What is True.
200
What is unlimited liability?
What is when the owner is responsible for the company's debts.
300
What kind of liability does a Sole Proprietor have?
What is unlimited.
300
How many times is a partnership taxed?
What is once.
300
What does Double-Taxation means?
What is income is taxed and stockholders pay taxes on profits issued to them.
300
Corporations have unlimited liabilities.
What is False.
300
Which type of business has the disadvantage, where they tend to run out of money
What is Sole Proprietorships.
400
What happens to the business when the owner dies?
What is the business ends.
400
What happens to the business when the owner dies?
What is the partnership ends.
400
Name two advantages of a Corporation.
What is Ability to raise money by selling stock and business does not end when an owner dies.
400
Corporations have more government regulation.
What is True.
400
What is a Non-Profit Organization?
What is a type of business focusing on services, not profits.
500
What are the advantages of Sole Proprietorship?
What is easy to start, lower taxes than a corporation's, proprietors keep all the profits, and proprietors are in charge.
500
Give me two reasons why a partnership is easy.
What is easier to obtain credit and easier to obtain capital.
All the partners make decisions together
The partners bring different skills and talents to the business
500
Name two disadvantages of a Corporation.
What is More government regulation and difficult/costly to start.
Corporations pay taxes on their income and stockholders pay taxes on dividends received. This is called double-taxation.
500
Out of the amount of revenue generated by each kind of business in the U.S., partnerships have 85%
What is False.
The correct answer is Corporations
500
What is a cooperative organization?
What is an organization that's owned and operated by its members.