FABM2: SCE Quiz

Which of the following pertains to a business entity concept?

• Transactions of a business (as a separate entity) must be distinguished with transactions of the owners.

• Transactions of the business (as a separate entity) must be merged with the transactions of the owners.

• Revenues are recorded when it is earned.

• Revenues are recorded when the corresponding cash has been received.

Which of the following is a major type of business organization?

• Sole Proprietorship

• Partnership

• Corporation

• All of the above

How many is considered owner(s) of a sole proprietorship?

• One

• Two to Five

• Five to Fifteen

• Fifteen or more

How many is/are considered owner(s) in a partnership?

• One

• Two to Five

• Five to Fifteen

• Fifteen or more

How are owners of a sole proprietorship called?

• Sole proprietors

• Partners

• Shareholders

• None of the above

How are owners of a partnership called?

• Sole proprietors

• Partners

• Shareholders

• None of the above

How are owners of a corporation called?

• Sole proprietors

• Partners

• Shareholders

• None of the above

Which of the following sequences arranges the complexity of business organizations, from simple to complex?

• Partnership, Sole Proprietorship, Corporation

• Corporation, Sole proprietorship, Partnership

• Sole Proprietorship, Corporation, Partnership

• Sole Proprietorship, Partnership, Corporation

Which of the following sequences arranges the complexity of business organizations, from difficult to the easiest?

• Partnership, Sole Proprietorship, Corporation

• Corporation, Partnership, Sole proprietorship

• Sole Proprietorship, Corporation, Partnership

• Sole Proprietorship, Partnership, Corporation

Which of the following is the most appropriate business organization for an entity named “Segismundo, Gomez, Valencia, & Co., CPA’s”?

• Sole Proprietorship

• Partnership

• Corporation

• All of the above