1. …… is simply a one-owner firm.
a) partnership b) proprietorship c) corporation
2. The proprietor is responsible for all personal and business …… .
a) debts and losses b) banks c) insurance companies
3. …… are firms owned jointly by two or more persons.
a) disadvantages b) liabilities c) partnerships
4. …… is an entity formed and owned by a group of people called
stockholders.
a) profit sharing b) corporation c) tax advantages
5. …… of a corporation are variety of skills, abilities and ideas.
a) unlimited liability b) advantages c) possible lack of ability