How is corporation different from a sole proprietorship and partnership?

Corporations provide limited owner liability

What is an advantages of starting a business as a partnership rather than a corporation?

Partnerships can be started up quickly

What is an advantage of a franchise over a sole proprietorship?

Parent Company provides training and support to franchisee.

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6 Functions of a business

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Questions 15

Answers

1
When comparing the four main business types, which has the most risk and rewards for individual
Franchise
Sole Proprietorship
Partnership
Corporation
2
Which function of the business does the hiring, firing, and managing the company benefit?
Marketing
Human Resources
Management
Accounting
3
What type of business is McDonald's?
Sole proprietorship
Corporation
Franchise
Partnership
4
What type of business is Davies' Dog Walking Service?
Partnership
Sole Proprietorship
Franchise
Corporation
5
What type of Business is Bank of America
Corporation
Sole Proprietorship
Partnership
Franchise
6
How is corporation different from a sole proprietorship and partnership?
Corporations provide lower owner taxes
Corporations provide limited owner liability
Corporations are easier to start
Corporations do not require a charter
7
Which has the biggest disadvantages when it comes to paying taxes?
Partnership
Franchise
Sole Proprietorship
Corporation
8
How are a franchise and a sole proprietorship alike?
Owner keeps all profits
Easy to start to business
Require a contract to start
Can sell stock to raise money
9
Which function of the business ensures the organization meet goals?
Marketing
Human Resources
Accounting
Management
10
What is an advantages of starting a business as a partnership rather than a corporation?
Partnerships can be started up quickly
Partnership have limited legal liablity
Partnerships need a legal charter to begin
Partnership can issue stock and raise money
11
Which of the following is NOT a non-profit?
Meals on Wheels
United Way
Wells Fargo
Salvation Army
12
Tippins and Zurosky is classified at what type of business?
Corporation
Franchise
Sole Proprietorship
Partnership
13
Which function is classified as collecting money,paying taxes and processing payroll?
Operation
Information Technology
Human Resources
Accounting
14
What is an advantage of a franchise over a sole proprietorship?
Franchisees do not have to work in the business
Franchisees can sell stock to start up the business
Parent Company provides training and support to franchisee.
Parent company will pay all the franchisee's start up costs
15
Promoting, distributing and pricing products are classified as which type of business?
Marketing
Accounting
Management
Human Resources

6 Functions of a business Flashcards | StudBud