Tim 313 Chapter 3 Question and
answers 100% correct 2026
What is the least complicated business structure available to restaurant owners? - correct answer
✔Sole proprietorship
What is the formal business structure legally recognized as having its own liabilities and privileges
separate from those of its owners? - correct answer ✔Corporation
Which federal agency is responsible for ensuring food safety? - correct answer ✔FDA
The Equal Employment Opportunity Commission (EEOC) is a federal agency established by the - correct
answer ✔Civil Rights Act of 1964.
Reasonable care is defined as the amount of care that would be provided by a person who is reasonably
- correct answer ✔prudent.
In a limited partnership formed to operate a business, a limited partner (LP) is an individual or entity -
correct answer ✔who has invested in the partnership.
The term "dba" is one that addresses the - correct answer ✔way a business is named.
If a manager is negligent, he or she is guilty of failing to - correct answer ✔provide reasonable care.
In which formal business structure are profits taxed twice? - correct answer ✔Corporation
For accounting purposes a business asset is considered to be any property or cash that - correct answer
✔is owned by a business.
answers 100% correct 2026
What is the least complicated business structure available to restaurant owners? - correct answer
✔Sole proprietorship
What is the formal business structure legally recognized as having its own liabilities and privileges
separate from those of its owners? - correct answer ✔Corporation
Which federal agency is responsible for ensuring food safety? - correct answer ✔FDA
The Equal Employment Opportunity Commission (EEOC) is a federal agency established by the - correct
answer ✔Civil Rights Act of 1964.
Reasonable care is defined as the amount of care that would be provided by a person who is reasonably
- correct answer ✔prudent.
In a limited partnership formed to operate a business, a limited partner (LP) is an individual or entity -
correct answer ✔who has invested in the partnership.
The term "dba" is one that addresses the - correct answer ✔way a business is named.
If a manager is negligent, he or she is guilty of failing to - correct answer ✔provide reasonable care.
In which formal business structure are profits taxed twice? - correct answer ✔Corporation
For accounting purposes a business asset is considered to be any property or cash that - correct answer
✔is owned by a business.
