Quiz 1 True or false
1. A business is an organization that uses economic resources
or inputs to provide goods or services to customers in
exchange for money or other good and services.
2. All business must assume the legal rights and liabilities of
participants in the businesss ownership.
3. Business organizations comes in different forms.
4. A partnership is owned by a single individual.
5. A single proprietor own all assets and personally answers
liabilities or losses.
6. A landscaper maintains lawns, plants, and trees of
homeowners and considered a job as a a business under
the single proprietorship.
7. One of the advantages of single proprietorship is having a
limited life.
8. If the business fails, the personal assets of a business
owned and managed by a single person can be used to pay
his liabilities and accountabilities.
9. Financial planners are freelance writers and function as
independent contractors and considered as a form of
business under single proprietorship.
10. One of the advantages of single proprietorship is it is
subject to fewer regulations.
11. A partnership is a business owned by two or more persons
who bind themselves to contribute money or industry to a
common fund with the intention of dividing the profile
between themselves.
12. A bookkeeping business accommodates the financial
requirement of businesses.
13. A bookkeeper records the companys revenue, expenses
and other financial data.
14. One of the disadvantages of single proprietorship is low
start up costs and low operational overhead cost.
15. Tutoring is an example of single proprietorship form of
business.
16. A partnership could be general or limited or having a silent
or active partner in the business.
17. An informal business is having all the legal requirements
needed to start the business.
18. The person selling Mani outside of the school is
considered to be a entrepreneur.
19. Single proprietorship as a form of business is easy to set up
and least costly among all forms of ownership.
20. All forms of businesses whether informal or formal
contribute to the socio economic status and growth of our
country.
Quiz 1 True or false
1. A business is an organization that uses economic resources
or inputs to provide goods or services to customers in
exchange for money or other good and services.
2. All business must assume the legal rights and liabilities of
participants in the businesss ownership.
3. Business organizations comes in different forms.
4. A partnership is owned by a single individual.
5. A single proprietor own all assets and personally answers
liabilities or losses.
6. A landscaper maintains lawns, plants, and trees of
homeowners and considered a job as a a business under
the single proprietorship.
7. One of the advantages of single proprietorship is having a
limited life.
8. If the business fails, the personal assets of a business
owned and managed by a single person can be used to pay
his liabilities and accountabilities.
9. Financial planners are freelance writers and function as
independent contractors and considered as a form of
business under single proprietorship.
10. One of the advantages of single proprietorship is it is
subject to fewer regulations.
11. A partnership is a business owned by two or more persons
who bind themselves to contribute money or industry to a
common fund with the intention of dividing the profile
between themselves.
12. A bookkeeping business accommodates the financial
requirement of businesses.
13. A bookkeeper records the companys revenue, expenses
and other financial data.
14. One of the disadvantages of single proprietorship is low
start up costs and low operational overhead cost.
15. Tutoring is an example of single proprietorship form of
business.
16. A partnership could be general or limited or having a silent
or active partner in the business.
17. An informal business is having all the legal requirements
needed to start the business.
18. The person selling Mani outside of the school is
considered to be a entrepreneur.
19. Single proprietorship as a form of business is easy to set up
and least costly among all forms of ownership.
20. All forms of businesses whether informal or formal
contribute to the socio economic status and growth of our
country.