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MIE 201 Chapter 4 Smart Book Questions and Answers
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MIE 201 Chapter 4 Smart Book
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MIE 201 Chapter 4 Smart BookAfter working for years at one of the big accounting firms, Joslyn has decided to go into
business for herself. She has opened up her own accounting and tax preparation firm.
While she is the only accountant right now, Joslyn hopes to hire more people in the
future. Joslyn's business can be defined as a ______. - answer sole proprietorship
Of the following forms of business ownership, which is relatively easy and inexpensive
to form? - answer Sole proprietorship
What is a disadvantage of sole proprietorship? - answer Unlimited liability
A legal form of business with two or more owners is a(n) ______. - answer partnership
1) Partnership Tax
2) Sole Proprietorship Tax - answer1) Individual owners income is taxed
2) Individual income is taxed
What are the two main types of partnerships? - answer Limited
General
What is the name given to businesses that owned and operated by one individual, and
are the most common form of business organization in the United States? - answer Sole
proprietorships
Which three items are usually listed in the articles of partnership? - answerHow profits
will be distributed
Contribution (money or assets) of each partner
Authority and responsibility of each partner
It is easy to start a sole proprietorship because ______. - answerit may only require a
simple permit or license to start
What is required to start a partnership? - answerArticles of partnership
In a sole proprietorship, any debts or damages incurred by the business that cannot be
paid by the business are considered personal debts and the owner must pay them. This
disadvantage can be termed _____. - answerunlimited liability
What is a disadvantage of the partnership form of business? - answerFriction between
general and limited partners
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