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Multiple Choice Quiz
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1
Many people in the United States have an entrepreneurial spirit that encourages them to pursue the "American Dream" of:
A)traveling throughout the world.
B)having employment security.
C)having a leisurely life.
D)owning and operating their own business.
2
A business owned and operated by one person is called a(n):
A)identical commerce.
B)sole proprietorship.
C)corporation aggregate.
D)501(c) corporation.
3
In a sole proprietorship, the entrepreneur has to obtain a general ____________from his or her local municipality.
A)fiscal access
B)stock reserve
C)business license
D)corporate authority
4
All but one of the following organizational forms has limited liability. This exception is the:
A)sole proprietorship.
B)subchapter C corporation.
C)subchapter S corporation.
D)limited partnership.
5
The death or disability of one of the partners in a business causes:
A)affirmation.
B)discharge.
C)investiture.
D)dissolution.
6
At times, individuals can become partners for only a short period of time, or for only a single project. This activity is defined as a:
A)joint venture.
B)severability.
C)sole liability.
D)union charge.
7
In a business, each partner has a right to share in the value of the firm's:
A)reputation.
B)assets.
C)policy.
D)practice.
8
In a business, there may be times when partners disagree on how the business should be run. This serves as a(n):
A)lead.
B)stepping-stone.
C)disadvantage.
D)advantage.
9
A limited partner will be deemed by the courts to be a general partner if he or she:
A)constantly refuses to sign a proxy.
B)participates regularly in the duty of loyalty and duty of care.
C)participates in the overall management of the business.
D)unintentionally violates the duty of care owed to the corporation.
10
A business that is formed as a separate legal entity is a(n):
A)fiduciary.
B)corporation.
C)proxy.
D)entrustment.







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