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Economics – Sole Proprietorships

You are looking for a job with many fringe benefits. You therefore probably want to work for a
a. sole proprietorship.
c. general partnership.
b. corporation.
d. nonprofit organization.
b. corporation
authorization to start a business issued by the local government
business license
What is a fringe benefit?
a. a cash payment for casual work
b. a business other than sales or marketing
c. a payment other than wages or salaries
d. an accounting term meaning profits
c. a payment other than wages or salaries
Although a sole proprietorship is the least-regulated form of business organization, which type of regulation do these business owners face that may keep them from operating out of their homes?
a. eminent domain laws
c. fringe benefits
b. zoning laws
d. a site permit
b. zoning laws
The most prominent form of a business organization is a sole proprietorship. True or False.
True
the legally bound obligation to pay debts
liability
What percentage of businesses are sole proprietorships?
75 percent
Which of the following is an advantage of a sole proprietorship?
a. No one is responsible if it fails.
b. It is the least-regulated form of business organization.
c. It is an easy way to make a lot of money.
d. It is easy to get financing to start one.
b. It is the least-regulated form of business organization.
Which of the following is not a disadvantage of sole proprietorships?
a. Lack of permanence
b. Unlimited personal liability
c. Legal constraints
d. Limited access to resources
c. Legal constraints
Ellen started a catering business, but soon decided that catering was too stressful for her. She could close her business relatively easily and return to school because the business was a
a. producer cooperative.
c. sole proprietorship.
b. general partnership.
d. closely held corporation.
c. sole proprietorship.

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