Question: Most successful entrepreneurs start their businesses when they are about 30 years old.

Answer: FALSE

Question: Financing the business is one of the responsibilities of the business owner.

Answer: TRUE

Question: A business plan helps entrepreneurs see the risks and responsibilities involved in starting a business.

Answer: TRUE

Question: Since a new business has not yet made a profit, a financial plan should not be included in the business plan.

Answer: FALSE

Question: In a proprietorship, the owner is entitled to all profits earned by the business.

Answer: TRUE

Question: The most common form of business ownership is a partnership.

Answer: FALSE

Question: In a sole proprietorship, creditors have a legal claim to the business's assets before the owner.

Answer: TRUE

Question: Businesses owned by one person usually have enough funds for emergency situations.

Answer: FALSE

Question: A Partnership could be owned by as many as ten or more partners.

Answer: TRUE

Question: Corporations usually have a tax advantage over partnerships

Answer: FALSE

Question: If one partner is unable to pay his or her portion of the business's debts, the other partners must pay it.

Answer: TRUE

Question: A disadvantage of a partnership that fails is that the partner can lose personal assets in addition to the amount of money invested in the business.

Answer: FALSE

Question: If a partner enters into a contract against the wishes of the other partners, the other partners are legally responsible for the contract.

Answer: TRUE

Question: A partnership continues even after one partner dies.

Answer: FALSE

Question: It is difficult to withdraw from a partnership.

Answer: TRUE

Question: Corporations are many in number and generally large in size.

Answer: FALSE

Question: Corporations sell more goods and services annually than do proprietorships and partnerships combined.

Answer: TRUE

Question: All corporations are large in size.

Answer: FALSE

Question: A Corporation can be owned by as few as one person and as many as thousands of people.

Answer: FALSE

Question: To form a corporation, a charter is needed.

Answer: TRUE

Question: A Corporation can make contracts and borrow money.

Answer: TRUE

Question: A Corporation can be sued in its own name.

Answer: TRUE

Question: A person must own at least ten shares of stock to be considered a stockholder.

Answer: FALSE

Question: Stockholders decide when dividends are to be distributed.

Answer: FALSE

Question: A stockholder has the same financial responsibility as a partner.

Answer: FALSE

Question: The stockholders make up the ruling body of a corporation.

Answer: FALSE

Question: Stockholders elect members of the board of directors.

Answer: TRUE

Question: The top officer of a corporation is referred to as a CFO.

Answer: FALSE

Question: A Certificate of incorporation should not include the purpose of the corporation.

Answer: FALSE

Question: Each stockholder has only one vote regardless of the number of shares owned.

Answer: FALSE

Question: A nonprofit corporation pays dividends to shareholders.

Answer: FALSE