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Foundations of Business
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Foundations of Business
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TEST BANK FOR FOUNDATIONS OF BUSINESS, 6TH EDITION BY WILLIAM M. PRIDE, ROBERT J. HUGHES, JACK R. KAPOOR
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Foundations of Business
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Foundations of Business
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Solution Manual For Foundations of Business, 7th Edition by(William M. Pride, 2023) Verified Chapters 1 - 47, Complete
Newest Version
If you start and manage a landscaping business on your own, you have likely started
a:
Multiple choice question.
sole proprietorship
corporation
franchise
partnership - ANSWER: A
Many people do not like working for someone, so being your own _____________ is
an advantage of sole proprietorships. - ANSWER: boss
When a sole proprietor leaves an ongoing business to future generations, it is said
that the owner is leaving a _________ . - ANSWER: legacy
In a sole proprietorship, any debts or damages incurred by the business are your
personal debts and you must pay them. This disadvantage is known as:
Multiple choice question.
unlimited liability
responsibility
taxation
limited liability - ANSWER: A
The disadvantage of sole proprietorships is that any debts or losses incurred by the
business are your debts because you and the business are legally one and you have:
Multiple choice question.
no responsibility for the debts
legal protection from debt
limited liability
unlimited liability - ANSWER: D
The easiest type of business entity to form is a
Multiple choice question.
corporation
partnership
sole proprietorship - ANSWER: C
True or false: The main advantage of a sole proprietorship is ease of start up. -
ANSWER: true
Sole proprietors can leave their business to their heirs. This is called:
Multiple choice question.
, leaving a legacy
sharing management
pride of ownership
being your own boss - ANSWER: A
True or false: The owner of a sole proprietorship is responsible for developing any
fringe benefits they have. - ANSWER: True
If your company's debts or damages are solely your responsibility you could be
experiencing the disadvantage associated with owning a sole proprietorship called
__________ _________ . - ANSWER: unlimited liability
When you own a sole proprietorship you and the business are considered one, so
you have _________ liability for financial obligations such as debt. - ANSWER:
unlimited
When the continued operation of the business is dependent on the life of the
business owner, it is referred to as:
Multiple choice question.
limited financial resources
limited life span
management difficulties
limited growth - ANSWER: B
A business that is owned and managed by one person is a(n) __________
___________ . - ANSWER: sole proprietorship
In a general partnership, all partners share the responsibility for operating the
business and assume _________ for the business's debts. - ANSWER: liability
One of the most important advantages of the sole proprietor form of ownership is
that a business owner:
Multiple choice question.
has many financing options
does not need a tax accountant
does not need an attorney
finds it easier to start and end the business - ANSWER: D
Select all that apply
Select those items considered fringe benefits that people working for a company are
likely to receive, but a sole proprietor has to develop on his own:
Multiple select question.
freedom to make your own hours
paid sick or vacation leave time
a pension plan
paid health insurance - ANSWER: BCD
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