Mie 201 exam 2 - Study guides, Class notes & Summaries

3 types of business ownership - Answer-- sole propreitorship - partnership - corporation sole proprietorships - Answer-- businesses owned by one individual - the most common form of business organization in the United States - easiest and least expensive form of business to start - ex: tutoring/bookkeeping/landscaping etc... sole proprietorship advantages - Answer-- simplicity - single layer of taxation - taxed at individual rates - privacy - flexibility and control - personal satisfa...

MIE 201 Exam 2: Chapters 4, 5, 8 Makanui NCSU Questions With Solutions 100% Solved sole proprietorship disadvantages - unlimited liability - finite life span - resource limitations - limited managerial experience - demands on owner - no employee benefits for the owner -lack of qualified employees (can't match wage demands) Many sole proprietors will focus on ______ services (like child care, salons, etc) rather than on the manufacture of goods

MIE 201 Exam 2 with correct Answers

MIE 201 Exam 2 Chapters 4, 5, 8 Question and answers 2023/2024 verified to passChapter 4 - correct answer Sole Proprietorship - correct answer - One owner - Individual income taxed - Unlimited liability - Owned by a single individual and is the easiest way to conduct business Advantages of Sole Proprietorship - correct answer - ease and cost of formation - secrecy - distribution and use

MIE 201 Exam 2 Chapters 4, 5, 8 Questions and Answers

3 types of business ownership : - sole propreitorship - partnership - corporation sole proprietorships : - businesses owned by one individual - the most common form of business organization in the United States - easiest and least expensive form of business to start - ex: tutoring/bookkeeping/landscaping etc... sole proprietorship advantages : - simplicity 2 - single layer of taxation - taxed at individual rates - privacy - flexibility and control - personal satisfaction - fewer ...

MIE 201 Exam 2 Chapters 4, 5, 8 Makanui NCSU 3 types of business ownership - correct answer - sole proprietorship - partnership - corporation sole proprietorships - correct answer - businesses owned by one individual - the most common form of business organization in the United States - easiest and least expensive form of business to start - ex: tutoring/bookkeeping/landscaping etc... sole proprietorship advantages - correct answer - simplicity - single layer of taxation - taxed at ...

MIE 201 Exam 2 Chapters 4, 5, 8 Questions and Answers

MIE 201 Exam 2: Chapters 4, 5, 8 Makanui NCSU3 types of business ownership - correct answer - sole proprietorship - partnership - corporation sole proprietorships - correct answer - businesses owned by one individual - the most common form of business organization in the United States - easiest and least expensive form of business to start - ex: tutoring/bookkeeping/landscaping etc... sole proprietorship advantages - correct answer - simplicity - single layer of taxation - taxed at i...

Advantages of operating a Sole Proprietorship? - ANSWERSsimplicity (easy to establish and less paperwork-only requirement is business licenses and permit) single layer of taxation!!! privacy (not required to report anything to anyone) flexibility and control fewer limitations on personal income Personal satisfaction (take your own risks and enjoy the reward) Disadvantages of sole proprietorship - ANSWERSfinancial liability (unlimited liability) demands of the owner (alot more...