Test Bank for Foundations of Business 6th Edition by Robert J. Hughes, William M. Pride and Jack R. Kapoor
TEST BANK FOR FOUNDATIONS OF BUSINESS, 6TH EDITION BY WILLIAM M. PRIDE, ROBERT J. HUGHES, JACK R. KAPOOR
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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