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BUSINESS 101 - WEEK 1 questions and answers correct and verified 100%

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Institution BUSINESS 101
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BUSINESS 101 - WEEK 1 questions and answers correct and verified 100%BUSINESS 101 - WEEK 1 questions and answers correct and verified 100% Which structure of business is the easiest to start? a. Partnership b. Sole proprietorship c. S Corporation d. C Corporation - correct answers-b. Sole proprietorship What is correct from the descriptions below? a. Hiring an employee does not mean legal obligations. b. Do not use temporary staff from leasing companies. c. Consider more about the idea of employees. d. Make an employee manual even if you only have an assistant. - correct answers-d. Make an employee manual even if you only have an assistant. Putting your personal assets on the line for your business debts and financial obligations is also known as...? a. Offset Income b. Full and Direct Control c. Unlimited Liability d. Legal Entity - correct answers-c. Unlimited Liability What type of business structure is the easiest to start with? A. Sole Proprietorship B. Partnership C. C Corporation D. S Corporation - correct answers-A. Sole Proprietorship Which following is not a type of partnership? A. General Partnerships B. Specialized Partnerships C. Limited Partnerships D. Limited Liability Partnerships - correct answers-B. Specialized Partnerships Which following is not an advantage for LLC? A. LLC Members have more flexibility than they would in a Corporation, and are free to decide how to split the profits and losses of the business. B. An LLC can operate under whatever management procedures the Members want. C. The advantages of an LLC are that you face less complications in an Operating Agreement. D. There is no limit to the number of Members an LLC can have (unlike an S Corporation). - correct answers-C. The advantages of an LLC are that you face less complications in an Operating Agreement. Which business structure can only have one owner? A. LLC B. Partnership C. C Corporation D. Sole Proprietorship - correct answers-D. Sole Proprietorship Which option correctly describes limited liability company? A. A hybrid entity that has many characteristics of a partnership and a corporation. B. A separate legal entity which exists apart from its owners. C. Two or more individuals join together to run a business venture. D. A general partnership that offers limited liability to all investors while preserving the opportunity to obtain pass-through tax status reserved for partnerships under federal and state laws - correct answers-A. A hybrid entity that has many characteristics of a partnership and a corporation. When do you need Employer Identification Numbers? A. When you have employees. B. When you have a pension plan. C. When you operate as a corporation, LLC or partnership. D. All of the above. - correct answers-D. All of the above. Which key section(s) is included in a business plan? A. Market analysis

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BUSINESS 101 - kh kh




WEEK 1 questions and answers correct
kh kh kh kh kh kh kh




and verified 100%
kh kh




Whichkhstructurekhofkhbusinesskhiskhthekheasiestkhtokhstart?

a.khPartnership

b.khSolekhproprietorship

c.khSkhCorporation

d.khCkhCorporationkh-khcorrectkhanswers-b.khSolekhproprietorship

Whatkhiskhcorrectkhfromkhthekhdescriptionskhbelow?

a.khHiringkhankhemployeekhdoeskhnotkhmeankhlegalkhobligations.

b.khDokhnotkhusekhtemporarykhstaffkhfromkhleasingkhcompanies.

c.khConsiderkhmorekhaboutkhthekhideakhofkhemployees.

d.khMakekhankhemployeekhmanualkhevenkhifkhyoukhonlykhhavekhankhassistant.kh-khcorrectkhanswers-
d.khMakekhankhemployeekhmanualkhevenkhifkhyoukhonlykhhavekhankhassistant.

Puttingkhyourkhpersonalkhassetskhonkhthekhlinekhforkhyourkhbusinesskhdebts

andkhfinancialkhobligationskhiskhalsokhknownkhas...?

a.khOffsetkhIncome

b.khFullkhandkhDirectkhControl

c.khUnlimitedkhLiability

d.khLegalkhEntitykh-khcorrectkhanswers-c.khUnlimitedkhLiability

Whatkhtypekhofkhbusinesskhstructurekhiskhthekheasiestkhtokhstartkhwith?

A.khSolekhProprietorship

B.khPartnership

C.khCkhCorporation

D.khSkhCorporationkh-khcorrectkhanswers-A.khSolekhProprietorship

Whichkhfollowingkhiskhnotkhakhtypekhofkhpartnership?

, A.khGeneralkhPartnerships

B.khSpecializedkhPartnerships

C.khLimitedkhPartnerships

D.khLimitedkhLiabilitykhPartnershipskh-khcorrectkhanswers-B.khSpecializedkhPartnerships

WhichkhfollowingkhiskhnotkhankhadvantagekhforkhLLC?

A.khLLCkhMemberskhhavekhmorekhflexibilitykhthankhtheykhwouldkhinkhakhCorporation,

andkharekhfreekhtokhdecidekhhowkhtokhsplitkhthekhprofitskhandkhlosseskhofkhthekhbusiness.

B.khAnkhLLCkhcankhoperatekhunderkhwhateverkhmanagementkhprocedureskhthekhMemberskhwant.

C.khThekhadvantageskhofkhankhLLCkharekhthatkhyoukhfacekhlesskhcomplicationskhinkhan

OperatingkhAgreement.

D.khTherekhiskhnokhlimitkhtokhthekhnumberkhofkhMemberskhankhLLCkhcankhhave

(unlikekhankhSkhCorporation).kh-khcorrectkhanswers-
C.khThekhadvantageskhofkhankhLLCkharekhthatkhyoukhfacekhlesskhcomplicationskhinkhankhOperatingkhAgreement.

Whichkhbusinesskhstructurekhcankhonlykhhavekhonekhowner?

A.khLLC

B.khPartnership

C.khCkhCorporation

D.khSolekhProprietorshipkh-khcorrectkhanswers-D.khSolekhProprietorship

Whichkhoptionkhcorrectlykhdescribeskhlimitedkhliabilitykhcompany?

A.khAkhhybridkhentitykhthatkhhaskhmanykhcharacteristicskhofkhakhpartnershipkhandkhakhcorporation.

B.khAkhseparatekhlegalkhentitykhwhichkhexistskhapartkhfromkhitskhowners.

C.khTwokhorkhmorekhindividualskhjoinkhtogetherkhtokhrunkhakhbusinesskhventure.

D.khAkhgeneralkhpartnershipkhthatkhofferskhlimitedkhliabilitykhtokhallkhinvestorskhwhilekhpreservingkhthe

opportunitykhtokhobtainkhpass-
throughkhtaxkhstatuskhreservedkhforkhpartnershipskhunderkhfederalkhandkhstatekhlawskh-khcorrectkhanswers-
A.khAkhhybridkhentitykhthatkhhaskhmanykhcharacteristicskhofkhakhpartnershipkhandkhakhcorporation.

WhenkhdokhyoukhneedkhEmployerkhIdentificationkhNumbers?

A.khWhenkhyoukhhavekhemployees.

B.khWhenkhyoukhhavekhakhpensionkhplan.

C.khWhenkhyoukhoperatekhaskhakhcorporation,khLLCkhorkhpartnership.

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