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Contemporary Business

Business

Quiz 26 :

Small Business, Entrepreneurship, and Partnerships

Quiz 26 :

Small Business, Entrepreneurship, and Partnerships

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The purpose of a fictitious business name statement is to reduce a proprietor's personal liability for debts and other legal obligations incurred by the business.
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True False
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Answer:

False

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A sole proprietorship is the most complex form of business organization.
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True False
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Answer:

False

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A sole proprietorship can be easily transferred or sold if and when the owner desires to do so; no other approval (such as from partners or shareholders)is necessary.
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True False
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Answer:

True

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Most businesses started by entrepreneurs are small.
True False
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The major forms for conducting businesses and professions are: (1)sole proprietorship; (2)general partnership; (3)limited partnership; (4)limited liability partnership; (5)limited liability company; and (6)corporation.
True False
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Earnings and losses from a sole proprietorship are reported on the sole proprietor's personal income tax filing.
True False
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An intrapreneur is a person who forms and operates a business.
True False
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A fictitious business name statement is optional in the states that recognize them.
True False
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A sole proprietorship is a separate legal entity,so it pays taxes at the business level.
True False
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Forming a sole proprietorship is easy and does not cost a lot of money.
True False
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Other than a business license,if required in the state,there are no other filings,fees or other requirements necessary to begin a sole proprietorship.
True False
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A sole proprietor bears the risk of loss of the business.
True False
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Entrepreneurs can either start a business by themselves,or they can pool their resources with others in order to start a business.
True False
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Creditors may recover claims against the sole proprietorship from the sole proprietor's personal assets.
True False
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The sole proprietor owns all of the business and has the right to receive all of the business's profits.
True False
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A sole proprietor's liability for business debts is limited to the value and assets of the sole proprietorship.
True False
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One disadvantage of a sole proprietorship is that the sole proprietor is legally responsible for torts his or her employees commit in the course of employment.
True False
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When a business has only one owner,and that owner takes no action in connection with choosing the form of business under which to operate,the business is a sole proprietorship.
True False
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After owning and operating a business for eight years,Bud recently sold it to Lou.Since Lou is a recent graduate,and this is his first business venture,Lou would be considered an entrepreneur.
True False
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A sole proprietor has the right to make all management decisions concerning the business,including those involving hiring and firing employees.
True False
Answer:
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