Question

1. Any establishment formed to carry on commercial enterprises is a
a. partnership.
b. business organization.
c. sole proprietorship.
d. corporation.

2. All of the following are major advantages of a sole proprietorship except
a. ease of starting the business.
b. the owner has full control.
c. the possibility of fast, flexible decision making.
d. unlimited personal liability.

3. If a sole proprietorship fails, the owner of the business
a. must pay all of the business debts.
b. must pay off the investors.
c. has to do elaborate legal work to close the business.
d. can cl