MGT 028 QUIZ

Question 1

Which form of business ownership offers the most personal privacy for
 the owner?

Accepted Answer

2

Question 2

What is a potential downside of a partnership related to disagreement?

Accepted Answer

2

Question 3

In a general partnership , all partners typically share in the management
and lialibilty of the business.

Accepted Answer

o

Question 4

Which of the following is NOT a benefit sole proprietorship?

Accepted Answer

2

Question 5

Which type of the business ownership is easiest to set up and
dissolve?

Accepted Answer

1

Question 6

Which statement best describes a general partnership?

Accepted Answer

2

Question 7

What is the simplest form of business ownership where one
person own and run the business?

Accepted Answer

2

Question 8

Which of the following is a common reason to choose a 
sole proprietorship?

Accepted Answer

2

Question 9

Which of the following is a disadvantage of a partnership?

Accepted Answer

0

Question 10

What is the term for a business owned an operated by two or more
 individual who agree to share in the profits or losses

Accepted Answer

Partnership

Question 11

Which of these is a characteristic of a sole proprietorship?

Accepted Answer

1

Question 12

In a sole proprietorship , the owner is personally responsible for all 
business debts and obligations.

Accepted Answer

o

Question 13

Which statement is true about sole proprietorships ?

Accepted Answer

1

Question 14

What is the key difference between a sole proprietorship and a partnership 
regarding ownership?

Accepted Answer

Number of owners

Question 15

Partnerships can face challenges in transferring ownership.

Accepted Answer

o

Question 16

If a sole proprietor dies , the business automatically
ceases to exist .

Accepted Answer

o