Which of the following are benefits enjoyed by sole proprietorships? Select the two correct answers.(1 point)

Question

Responses

earning goes directly to the owner
earning goes directly to the owner

easy access to credit
easy access to credit

control of decision-making
control of decision-making

unlimited liability
unlimited liability
Question 2
Which of the following statements is true about sole proprietorships?(1 point)
Responses

A sole proprietorship is the simplest form of business organization.
A sole proprietorship is the simplest form of business organization.

The owner of the sole proprietorship must report to shareholders.
The owner of the sole proprietorship must report to shareholders.

A sole proprietorship can continue if the owner dies.
A sole proprietorship can continue if the owner dies.

The owner of the sole proprietorship has limited liability.
The owner of the sole proprietorship has limited liability.
Question 3
Which of the following is a characteristic of general partnerships? (1 point)
Responses

The partnership has limited life.
The partnership has limited life.

The partners have limited liability.
The partners have limited liability.

Each partner has different rights when representing the partnership.
Each partner has different rights when representing the partnership.

One person is the owner of a general partnership.
One person is the owner of a general partnership.
Question 4
What primary responsibility do the shareholders of a corporation have?(1 point)
Responses

electing a board of directors
electing a board of directors

hiring management to oversee production
hiring management to oversee production

overseeing production
overseeing production

providing their own labor for the production process
providing their own labor for the production process
Question 5
You have recently discovered that a local business has been designated 501(c)(3). Which of the following must be true?(1 point)
Responses

The business has federal tax exemptions.
The business has federal tax exemptions.

The business is a private foundation.
The business is a private foundation.

The business is a public charity.
The business is a public charity.

The business does not earn profits.

Answer 1

Here are the correct answers to each question:

Question 1 Which of the following are benefits enjoyed by sole proprietorships? Select the two correct answers.
Responses:

• earning goes directly to the owner
• control of decision-making

Question 2 Which of the following statements is true about sole proprietorships?
Responses:

• A sole proprietorship is the simplest form of business organization.

Question 3 Which of the following is a characteristic of general partnerships?
Responses:

• The partnership has limited life.

Question 4 What primary responsibility do the shareholders of a corporation have?
Responses:

• electing a board of directors

Question 5 You have recently discovered that a local business has been designated 501(c)(3). Which of the following must be true?
Responses:

• The business has federal tax exemptions.

Let me know if you need any additional information or help!