Q. Which of the following pertains to a business entity concept? answer choices
Transactions of a business (as a separate entity) must be distinguished with transactions of the owners.
Transactions of the business (as a separate entity) must be merged with the transactions of the owners.
Revenues are recorded when it is earned.
Revenues are recorded when the corresponding cash has been received.
Question 2 30 seconds
Q. Which of the following is a major type of business organization?
answer choices
Sole Proprietorship
Partnership
Corporation
All of the above
Question 3 30 seconds
Q. How many is considered owner(s) of a sole proprietorship?
answer choices
One
Two to Five
Five to Fifteen
Fifteen or more
Question 4 30 seconds
Q. How many is/are considered owner(s) in a partnership?
answer choices
One
Two to Five
Five to Fifteen
Fifteen or more
Question 5 30 seconds
Q. How are owners of a sole proprietorship called?
answer choices
Sole proprietors
Partners
Shareholders
None of the above
Question 6 30 seconds
Q. How are owners of a partnership called?
answer choices
Sole proprietors
Partners
Shareholders
None of the above
Question 7 30 seconds
Q. How are owners of a corporation called?
answer choices
Sole proprietors
Partners
Shareholders
None of the above
Question 8 30 seconds
Q. Which of the following sequences arranges the complexity of business organizations, from simple to complex?
answer choices
Partnership, Sole Proprietorship, Corporation
Corporation, Sole proprietorship, Partnership
Sole Proprietorship, Corporation, Partnership
Sole Proprietorship, Partnership, Corporation
Question 9 30 seconds
Q. Which of the following sequences arranges the complexity of business organizations, from difficult to the easiest?
answer choices
Partnership, Sole Proprietorship, Corporation
Corporation, Partnership, Sole proprietorship
Sole Proprietorship, Corporation, Partnership
Sole Proprietorship, Partnership, Corporation
Question 10 30 seconds
Q. Which of the following is the most appropriate business organization for an entity named “Segismundo, Gomez, Valencia, & Co., CPA’s”?
answer choices
Sole Proprietorship
Partnership
Corporation
All of the above
Question 11 30 seconds
Q. Which of the following is most related to the saying “two heads are better than one”?
answer choices
Sole Proprietorship
Partnership
Corporation
All of the above
Question 12 30 seconds
Q. Which of the following are subjected to strict regulations?
answer choices
Sole Proprietorship
Partnership
Corporation
All of the above
Question 13 30 seconds
Q. Which of the following is an advantage of a partnership as compared to a sole proprietorship?
answer choices
Unlimited liability
More sources of expertise
Limited life
None of the above
Question 14 30 seconds
Q. Which of the following is a disadvantage of a partnership as compared to a sole proprietorship?
answer choices
Unlimited liability
More sources of expertise
Limited life
Profits must be shared
Question 15 30 seconds
Q. Generally, how long is the life of a corporation?
answer choices
50 years, subject to renewal
50 years, not subject to renewal
As long as the life of the oldest shareholder
As long as the life of the youngest shareholder