BUS 110 Exam 2 2026 Questions and
Answers
Partnership - Correct answer-a legal form of business with two or more owners
Limited Partner - Correct answer-is an owner who invests in money in the business
but does not have any management responsibility or liability for losses beyond his
or her investment
General Partner - Correct answer-is an owner who has unlimited liability and is an
active in managing the firm
Sole Proprietorship - Correct answer-A business that is owned and usually
managed by one person
Corporation - Correct answer-A legal entity with authority to act and have liability
apart form its owners
Double Taxation - Correct answer-income taxes that are paid twice on the same
source of earned income
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, LLC - Correct answer-(limited liability company) a company similar to an S corp.
but without the special eligibility requirement
S Corp - Correct answer-a unique government creation that looks like a corporation
but is taxed like a sole proprietorship or partnership
Mergers - Correct answer-result of two firms forming one company
Acquisitions - Correct answer-one company's purchase of the property and
obligations of another company
Entrepreneur - Correct answer-someone accpeting the risk of starting and running a
business
Suceed a Small Business - Correct answer-planning your business, financing your
business, knowing your customers, managing your employees, keeping records
Intrapreneur - Correct answer-creative people who work as entrepreneurs within
corporations
Small Business vs Big - Correct answer-97% are considered SBA standards, small
business account more than 50% of GDP, nearly 600,000,000 business are started
every year, small businesses have generated 65% of jobs, about 80% of US
workers find small business jobs
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
Answers
Partnership - Correct answer-a legal form of business with two or more owners
Limited Partner - Correct answer-is an owner who invests in money in the business
but does not have any management responsibility or liability for losses beyond his
or her investment
General Partner - Correct answer-is an owner who has unlimited liability and is an
active in managing the firm
Sole Proprietorship - Correct answer-A business that is owned and usually
managed by one person
Corporation - Correct answer-A legal entity with authority to act and have liability
apart form its owners
Double Taxation - Correct answer-income taxes that are paid twice on the same
source of earned income
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
, LLC - Correct answer-(limited liability company) a company similar to an S corp.
but without the special eligibility requirement
S Corp - Correct answer-a unique government creation that looks like a corporation
but is taxed like a sole proprietorship or partnership
Mergers - Correct answer-result of two firms forming one company
Acquisitions - Correct answer-one company's purchase of the property and
obligations of another company
Entrepreneur - Correct answer-someone accpeting the risk of starting and running a
business
Suceed a Small Business - Correct answer-planning your business, financing your
business, knowing your customers, managing your employees, keeping records
Intrapreneur - Correct answer-creative people who work as entrepreneurs within
corporations
Small Business vs Big - Correct answer-97% are considered SBA standards, small
business account more than 50% of GDP, nearly 600,000,000 business are started
every year, small businesses have generated 65% of jobs, about 80% of US
workers find small business jobs
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
