BUSINESS ESSENTIALS EXAM
Questions with Correct Answers
100% Verified Graded A+
1. a person who goes into business as a sole proprietor must operate under
Answer> b. either his or her name or a fictitious name
2. in a partnership all partners share equally in the profits unless there is an agreement
to the contrary
Answer> a. true
3. a sole proprietorship is a
Answer> c. form of business owned by one person
4. partnership property includes
Answer> b. property contributed directly to the partner- ship when the partnership is
created
5. a sole proprietorship is the easiest form of business association to form
Answer> a. true
6. a partnership by estoppel is not a real partnership
Answer> a. ture
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5
, 7. the articles of partnership are known as the
Answer> d. partnership agreement
8. the biggest disadvantage of a sole proprietorship is
Answer> a. unlimited liability
9. a silent partner has no liability for the debts of the firm
Answer> b. false
10. dissolution of a partnership brings the business to an end
Answer> b. false
11. a skill that has been developed through practice
Answer> ability
12. a written account of qualifications including education or training and experience
Answer> resume
13. options available after high school
Answer> post-secondary choices
14. talking with people about job opportunities
Answer> networking
15. people other than your supervisor with whom you work with
Answer> coworkers
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Questions with Correct Answers
100% Verified Graded A+
1. a person who goes into business as a sole proprietor must operate under
Answer> b. either his or her name or a fictitious name
2. in a partnership all partners share equally in the profits unless there is an agreement
to the contrary
Answer> a. true
3. a sole proprietorship is a
Answer> c. form of business owned by one person
4. partnership property includes
Answer> b. property contributed directly to the partner- ship when the partnership is
created
5. a sole proprietorship is the easiest form of business association to form
Answer> a. true
6. a partnership by estoppel is not a real partnership
Answer> a. ture
1/
5
, 7. the articles of partnership are known as the
Answer> d. partnership agreement
8. the biggest disadvantage of a sole proprietorship is
Answer> a. unlimited liability
9. a silent partner has no liability for the debts of the firm
Answer> b. false
10. dissolution of a partnership brings the business to an end
Answer> b. false
11. a skill that has been developed through practice
Answer> ability
12. a written account of qualifications including education or training and experience
Answer> resume
13. options available after high school
Answer> post-secondary choices
14. talking with people about job opportunities
Answer> networking
15. people other than your supervisor with whom you work with
Answer> coworkers
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5
