AnswersRAIL NCAA OC Economics 2027Business Structures

Case Study: Starting a Business Answers

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21
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The most common business organizations in the United States are

A
partnerships.
B
sole proprietorships.
C
corporations.
D
franchises.
22
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Which document determines the number of shares in a company?

A
a stock prospectus
B
an annual bill of rights
C
a corporate charter
D
an annual report
23

Which best describes the difference between sole proprietorships and partnerships?

A
Sole proprietors keep all profits and have unlimited liability, while partners split profits and share liabilities.
B
Sole proprietors share responsibilities, while partners are responsible for only a portion of the business.
C
Sole proprietors split profits and share liabilities, while partners keep all profits and have unlimited liability.
D
Sole proprietors pay taxes only on business profits, while partners do not have to pay taxes on profits.
24

An entrepreneur who opens a franchise must

A
assume debts.
B
keep profits.
C
offer training.
D
select sites.
25

What role does a fast-food corporation play when it agrees to franchise its business? Select four answers.supply traininglicense a trademarkselect a locationpay associated feessupply advertisingcollect most profits

A
supply training
B
license a trademark
C
select a location
D
pay associated fees
E
supply advertising
F
collect most profits

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