7. A business owned by a single individual is said to be a a. sole proprietorshi

Question

7. A business owned by a single individual is said to be a a. sole proprietorship c. corporation. b. partnership. d. union. 8. One of the major disadvantages to corporations is a. limited liability of stockholders. b. stockholders have no management responsibilities. c. corporations raise money by selling stock. d. corporations must comply with many more federal and state laws than sole proprietorships or partnerships. 9. Taxes levied against buildings and land owned by a business are called a. income taxes. c. withholding taxes. b. property taxes. d. unfair taxes. 10. An agreement between two parties to carry out a transaction, such as the sale of goods from a seller to buyer, is a a. patent. c. copyright. b. regulation. d. contract. 11. Companies must comply with all of the following employment laws EXCEPT a. Equal Employment Opportunity c. benefits laws. (EEO) laws. b. wage-hour laws. d. employee lay-off laws. 12. Under the Americans with Disabilities Act, companies a. can discriminate against persons with disabilities if they feel uncomfortable. b. cannot fire or refuse to hire people because of certain disabilities and illnesses. c. must provide medical attention to all disabled employees. d. can discriminate in hiring disabled employees if an employee will be out sick from time-to-time.

Explanation / Answer

Question Answer Explanation 7 a This is a partnership firm. But it has only one partner. 8 d A corporation is run by its own management different from the shareholders. They may act for their own interest and not for the interest of the shareholders. 9 b 10 a Patent is the right to sell goods produce by another person 11 c Providing employee benefits is not legally enforced to the employers. 12 b

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