LGS 200- Abigail Hammond- Exam 3
Chapters 16, 17,& 18 | Questions with 100%
Correct Answers | Verified | Latest Update
2026/2027
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Terms in this set (264)
What is critical to the growth Raising capital
of most small businesses?
What allows the owner to Obtaining a bank loan
retain full ownership and
control of his/her business?
Loans with desirable terms Small Business Administration (SBA)
may be available from what?
One SBA program provides - Women
loans up to $25,000 to the - Low-income individuals
following businesspersons: - Members of minority groups
,Sole proprietorship The simplest form of business
organization, in which the owner is the
business.
Where must the owner of a On his/her personal income tax return
sole proprietorship report
business income?
Who is legally responsible for The owner
all debts and obligations
incurred by the business?
What kind of account is a sole Retirement accounts
proprietor allowed to establish
that is tax-exempt until the
funds are withdrawn?
The sole proprietor is free to - What kind of business to pursue
make any decision she or he - Whom to hire
wishes concerning the - When to take a vacation
business, including:
True or false: The sole True
proprietor can sell or transfer
all or part of the business to
another party at any time
without seeking approval from
anyone else.
, Does a sole proprietorship No, it allows more flexibility
allow less flexibility than a
partnership or corporation?
What is the major The proprietor alone bears the burden of
disadvantage of a sole any losses or liabilities incurred by the
proprietorship? business
Personal Assets at Risk Creditors can pursue the owner's
personal assets to satisfy any business
debts.
Lack of Continuity and Limited - The sole proprietorship has the
Ability to Raise Capital disadvantage of lacking continuity after
the proprietor's
- Another disadvantage is that in raising
capital, the proprietor is limited to his or
her personal
funds and any loans that he or she can
obtain for the business.
What happens when the The business dies as well, it is
owner of a sole proprietorship automatically dissolved
dies?
Why might lenders be The sole proprietor risks unlimited
unwilling to make loans to sole personal liability and may not be able to
proprietorships? pay
Chapters 16, 17,& 18 | Questions with 100%
Correct Answers | Verified | Latest Update
2026/2027
Save
Terms in this set (264)
What is critical to the growth Raising capital
of most small businesses?
What allows the owner to Obtaining a bank loan
retain full ownership and
control of his/her business?
Loans with desirable terms Small Business Administration (SBA)
may be available from what?
One SBA program provides - Women
loans up to $25,000 to the - Low-income individuals
following businesspersons: - Members of minority groups
,Sole proprietorship The simplest form of business
organization, in which the owner is the
business.
Where must the owner of a On his/her personal income tax return
sole proprietorship report
business income?
Who is legally responsible for The owner
all debts and obligations
incurred by the business?
What kind of account is a sole Retirement accounts
proprietor allowed to establish
that is tax-exempt until the
funds are withdrawn?
The sole proprietor is free to - What kind of business to pursue
make any decision she or he - Whom to hire
wishes concerning the - When to take a vacation
business, including:
True or false: The sole True
proprietor can sell or transfer
all or part of the business to
another party at any time
without seeking approval from
anyone else.
, Does a sole proprietorship No, it allows more flexibility
allow less flexibility than a
partnership or corporation?
What is the major The proprietor alone bears the burden of
disadvantage of a sole any losses or liabilities incurred by the
proprietorship? business
Personal Assets at Risk Creditors can pursue the owner's
personal assets to satisfy any business
debts.
Lack of Continuity and Limited - The sole proprietorship has the
Ability to Raise Capital disadvantage of lacking continuity after
the proprietor's
- Another disadvantage is that in raising
capital, the proprietor is limited to his or
her personal
funds and any loans that he or she can
obtain for the business.
What happens when the The business dies as well, it is
owner of a sole proprietorship automatically dissolved
dies?
Why might lenders be The sole proprietor risks unlimited
unwilling to make loans to sole personal liability and may not be able to
proprietorships? pay
