BUSINESS ESSENTIALS EXAM STUDY GUIDE | 2025/2026 UPDATE | QUESTIONS AND
ANSWERS | WITH COMPLETE SOLUTION
a person who goes into business as a sole proprietor must operate under - (ANSWER)b. either his or her
name or a fictitious name
in a partnership all partners share equally in the profits unless there is an agreement to the contrary -
(ANSWER)a. true
a sole proprietorship is a - (ANSWER)c. form of business owned by one person
partnership property includes - (ANSWER)b. property contributed directly to the partnership when the
partnership is created
a sole proprietorship is the easiest form of business association to form - (ANSWER)a. true
a partnership by estoppel is not a real partnership - (ANSWER)a. ture
the articles of partnership are known as the - (ANSWER)d. partnership agreement
the biggest disadvantage of a sole proprietorship is - (ANSWER)a. unlimited liability
a silent partner has no liability for the debts of the firm - (ANSWER)b. false
dissolution of a partnership brings the business to an end - (ANSWER)b. false
a skill that has been developed through practice - (ANSWER)ability
a written account of qualifications including education or training and experience - (ANSWER)resume
options available after high school - (ANSWER)post-secondary choices
ANSWERS | WITH COMPLETE SOLUTION
a person who goes into business as a sole proprietor must operate under - (ANSWER)b. either his or her
name or a fictitious name
in a partnership all partners share equally in the profits unless there is an agreement to the contrary -
(ANSWER)a. true
a sole proprietorship is a - (ANSWER)c. form of business owned by one person
partnership property includes - (ANSWER)b. property contributed directly to the partnership when the
partnership is created
a sole proprietorship is the easiest form of business association to form - (ANSWER)a. true
a partnership by estoppel is not a real partnership - (ANSWER)a. ture
the articles of partnership are known as the - (ANSWER)d. partnership agreement
the biggest disadvantage of a sole proprietorship is - (ANSWER)a. unlimited liability
a silent partner has no liability for the debts of the firm - (ANSWER)b. false
dissolution of a partnership brings the business to an end - (ANSWER)b. false
a skill that has been developed through practice - (ANSWER)ability
a written account of qualifications including education or training and experience - (ANSWER)resume
options available after high school - (ANSWER)post-secondary choices
