Question 1(Multiple Choice Worth 5 points)
(02.01 MC)
When registering a business, what can the owners do to ensure that no other businesses can operate in their state under the same name?
Register a doing business as (DBA) name with the state.
Register a fabricated name with the state.
Register a fictitious name with the state.
Register a legal entity name with the state.
Question 2(Multiple Choice Worth 5 points)
(02.01 LC)
Which of the following business structures operates under two or more individuals who share responsibilities and profits with no separation between the owners and the business?
C-corp
Partnership
S-corp
Sole proprietorship
Question 3(Multiple Choice Worth 5 points)
(02.01 MC)
The shareholders of Michaels' Tile and Stone report income on their personal taxes but are not held personally liable for any debt, lawsuits, and judgments against the business. Michaels' Tile and Stone is
a C-corp
a partnership
an S-corp
a sole proprietorship
Question 4(Multiple Choice Worth 5 points)
(02.01 LC)
Which of the following is a corporation that operates under one or more individuals and combines elements of a corporation and a partnership?
C-corp
LLC
Nonprofit
S-corp
Question 5(Multiple Choice Worth 5 points)
(02.01 MC)
South Inlet Motors LLC sells and repairs boat motors. Which type of business is this an example of?
Manufacturing business
Product-based business
Product-service hybrid business
Service-based business