Sole Proprietorships & Partnerships QuizVersion en ligne Test your knowledge on sole proprietorships and partnerships with this fun quiz! par sarah ayyad 1 What is a sole proprietorship? a A government agency. b A non-profit organization. c A business owned by one person. d A business owned by multiple people. 2 Which of the following is a characteristic of a partnership? a Single ownership. b Shared profits and losses. c No formal agreement required. d Limited liability for all partners. 3 In a sole proprietorship, who is responsible for debts? a The government is liable. b The business itself is liable. c The owner is personally liable. d Only the employees are liable. 4 What is a general partnership? a A partnership with no formal agreement. b A partnership with limited partners only. c A partnership where all partners share responsibilities. d A partnership that is only temporary. 5 Which of the following is a disadvantage of a sole proprietorship? a Easy to raise capital. b Unlimited personal liability. c Simplified tax filing. d Full control over decisions. 6 What is a limited partnership? a A partnership with both general and limited partners. b A partnership that cannot make profits. c A partnership with only one owner. d A partnership with no liability. 7 Which document is often used to outline partnership terms? a Employment contract. b Business license. c Partnership agreement. d Tax return. 8 What is a key tax advantage of a sole proprietorship? a Corporate tax rates apply. b No taxes are paid. c Double taxation on profits. d Income is taxed once as personal income. 9 Which type of business structure is easiest to set up? a General partnership. b Sole proprietorship. c Corporation. d Limited liability company. 10 What is a major risk of partnerships? a Limited decision-making. b Guaranteed profits. c Liability for partners' actions. d No legal recognition.
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