Duplicate of Types of Business Ownership

Question 1

The length of time a sole proprietorship can exist is

Accepted Answer

as long as its owner is living

Question 2

Apple and Microsoft are examples of:

Accepted Answer

Publicly held corporations

Question 3

The Small Business Administration provides all of the following EXCEPT:

Accepted Answer

interest free loans

Question 4

A loan that is backed by collateral is considered to be a(n):

Accepted Answer

secured loan

Question 5

Which of the following is an example of non-price competition?

Accepted Answer

overnight shipping

Question 6

If a shareholder of a corporation passes away, the corporation

Accepted Answer

continues indefinitely

Question 7

The name of the agency that regulates corporations that sell stocks to the general public is

Accepted Answer

SEC

Question 8

A limited partner

Accepted Answer

does not have an active role in the business

Question 9

A panel that oversees the operations of a corporation

Accepted Answer

Board of Directors

Question 10

The 5 C's of Credit include all of the following EXCEPT for:

Accepted Answer

contractual

Question 11

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

Accepted Answer

corporation

Question 12

Which one is a disadvantage of a partnership?

Accepted Answer

unlimited liability

Question 13

A contractual agreement to sell a company's products or services

Accepted Answer

franchise

Question 14

The most risky type of small business is a

Accepted Answer

start-up

Question 15

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

Accepted Answer

partnership agreement

Question 16

Borrowing money from family or friends is considered to be

Accepted Answer

private financing

Question 17

The percentage of the profits a sole proprietor keeps is

Accepted Answer

100

Question 18

The term used when referring to ownership of a business owned by one person

Accepted Answer

sole proprietorship

Questions 18