1.    The main disadvantage of a corporation is double taxation. a.    True b.    False   2.    A partnership is easier to form, operate, and terminate than a proprietorship. a.    True b.    False   3.    A disadvantage of a partnership is that: a.    financial resources are obtained from one person only. b.    each partner is responsible for the acts of every other partner. c.     specialized skill is difficult to find in the individual partners. d.    there are inadequate management and employee skills.   4.    A partnership is a form of business that is: a.    formed for only civic, educational, charitable, and religious purposes. b.    organized to provide a professional service for which each shareholder is licensed. c.     owned by two people who share ownership of a single business. d.    created to obtain financial sources from only one person.   5.    Small business owners prefer a proprietorship over other forms of business because it: a.    provides access to unlimited capital. b.    ensures that the business has an unlimited life. c.     provides relative freedom of action and control. d.    makes it easy for the owner to obtain credit.   6.    Which of the following is a characteristic of a nonprofit corporation? a.    The trustees have unlimited liability status. b.    It enjoys tax-exempt status.

Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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1.    The main disadvantage of a corporation is double taxation. a.    True b.    False   2.    A partnership is easier to form, operate, and terminate than a proprietorship. a.    True b.    False   3.    A disadvantage of a partnership is that: a.    financial resources are obtained from one person only. b.    each partner is responsible for the acts of every other partner. c.     specialized skill is difficult to find in the individual partners. d.    there are inadequate management and employee skills.   4.    A partnership is a form of business that is: a.    formed for only civic, educational, charitable, and religious purposes. b.    organized to provide a professional service for which each shareholder is licensed. c.     owned by two people who share ownership of a single business. d.    created to obtain financial sources from only one person.   5.    Small business owners prefer a proprietorship over other forms of business because it: a.    provides access to unlimited capital. b.    ensures that the business has an unlimited life. c.     provides relative freedom of action and control. d.    makes it easy for the owner to obtain credit.   6.    Which of the following is a characteristic of a nonprofit corporation? a.    The trustees have unlimited liability status. b.    It enjoys tax-exempt status.
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