Mr. Kraus Market Institutes

Question 1

Identify 2 of the elements a partnership agreement should cover.

Accepted Answer

name of business and length of agreement

Question 2

What can business do once they get a licence to incorporate

Accepted Answer

Sell Stock

Question 3

The term used to describe taxation of corporate profits and dividends is

Accepted Answer

Double Taxation

Question 4

A limited partner

Accepted Answer

has limited liability

Question 5

The percentage of the profits a sole proprietor keeps is

Accepted Answer

100

Question 6

The most risky type of small business is a

Accepted Answer

start-up

Question 7

_________________ is a tax advantage a sole proprietor can take advantage of.

Accepted Answer

Writing off business expenses

Question 8

The person who files the paperwork for a business to become incorporated is

Accepted Answer

Incorporator or Entrepreneur

Question 9

Which one is a disadvantage of a partnership?

Accepted Answer

unlimited liability

Question 10

This type of business allows it owner to work another job while adding income

Accepted Answer

proprietorship or side business

Question 11

What type of business organization has 2 or more people but not a licence?

Accepted Answer

Partnership

Question 12

The term used when referring to ownership of a business is

Accepted Answer

proprietorship

Question 13

What is the term for 'hands off' by the government?

Accepted Answer

Laissez Faire

Question 14

The length of time a sole proprietorship can exist is

Accepted Answer

as long as its owner

Question 15

A _______________ is a legally binding agreement made by the partners of a business.

Accepted Answer

partnership agreement

Question 16

A ______________is a legal entity created under State law, separate from its owners.

Accepted Answer

corporation

Questions 16