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

1 answer

Here are the answers to your questions:

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

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

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

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

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

  • The partnership has limited life. (Correct)

The other options listed for each question either represent disadvantages or are incorrect statements about sole proprietorships and general partnerships.