1- The simplest for of ownership of a business entity is _____________________.

A- Partnership

B- Individual Properietorship

c- Limited Partnership

D- Simple Corporation

2- The form of business which the owner is personally liable for all debts, obligations, and responsibilities of the business to the entire extent of his personal fortune is a _________________.

A- Partnership

B- Individual Proprietorship

C- Corporation

D- Limited Partnership

3- The articles of partnership agreement is a contract between the partners will typically include the following:

A- division of responsibilitiesand duties between partners

B- Provision as to whether the executor or spouse of a deceased partner is to continue as a partner

C- Procedure in the event of an incapacitating disability of a partner

D-All of the above.

4- A partnership that allows a partner to contribute cash or property to the business and commensurately share in the profits or losses of the enterprise.

A- Corporate Partnership

B- Cash Only Partnership

C- Limited Partnership

D- None of the above.