Question

Question 13 2.5 pts

The sole proprietor has all of the following advantages, EXCEPT

Group of answer choices

choice of how to pay federal and local taxes.

choice of location for the business.

choice of product to be sold.

choice of retirement plan.

choice of services to be offered.

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Question 14 2.5 pts

The form of business ownership that involves double taxation and limited liability for the owners is the

Group of answer choices

corporation.

limited partnership.

partnership.

sole proprietorship.

Subchapter S corporation.

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Question 15 2.5 pts

Which of the following is true for a Limited Liability Company (LLC)?

Group of answer choices

Business income is taxed at the corporate rate.

Business income is taxed at the individual's personal rate.

The company is limited in its liability.

The owners have unlimited liability.

None of these.

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Question 16 2.5 pts

SWOT is an acronym which stands for

Group of answer choices

Strengths, Weaknesses, Obligations, and Threats.

Strengths, Weaknesses, Opportunities, and Threats.

Strengths, Weaknesses, Opportunities, and Troubles.

Strengths, Working capital, Obligations, and Threats.

Strengths, Working capital, Opportunities, and Threats.

Answer 1

Question no.	Correct answer	Explanation
13	choice of how to pay federal and local taxes	A sole proprietorship has no choice of how to pay taxes and all taxes are paid by the sole proprietor himslef
14	corporation	In case of a corporation dividend incomes are subject to double taxation and liability of stockholders are limited to their investments
15	Business income is taxed at the individual's personal rate	LLCs don't pay taxes themselves. Instead, profits and losses are listed on the personal tax returns of the owner
16	Strengths, Weaknesses, Opportunities, and Threats.	Self-explanatory