FABM 2 WEEK 4

Which of the following pertains to a business entity concept?

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

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

• c. Revenues are recorded when it is earned

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

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

• a. Sole Proprietorship

• b. Partnership

• c. Corporations

• d. All of the above

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

• a. One

• b. More than one

• c. Two but not more than five

• d. Five and above

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

• One

• More than one

• Two but not more than five

• Five and above

How are owners of a sole proprietorship called?

• Sole proprietors

• Partners

• Shareholders/Stockholders

• None of the above