Part 1 - Multiple Choice (5 questions; each question is worth 2 marks] Instructions: Circle the correct letter which represents the answer (one answer only) Use the table below to answer questions 1 - 2 Characteristic Sole Partnership Corporation Cooperative Proprietorship Ease of formation High High Medium Continuity Low Low High High Protection against Low High High liability Tax advantages High High High Ease of raising Low Medium High High money Government Low Low High Medium regulation 1) Under the Characteristic, "Protection against Liability" for a Partnership, which of the following Is the correct word: a Low b. Median C. High d. Average e. None of the above Page 2 of 132) Under the Characteristic, "Tax Advantages" for a Corporation, which of the following is the correct word: a. Low b, Median C. High d, Average e. None of the above 3) The word to describe "if business assets aren't enough to pay business debts, then personal assets, such as the sole proprietor's house, personal investments, or retirement plans, can be used to pay the balance" is: a. Liability b. Limited Liability c. Unlimited Liability d. Legal Liability e. None of the above 4) "Controlling" is defined as: a. Ensures that the plans and strategies set in place by employees are properly carried out b. Ensures that the objectives and goals set in place by management are properly carried out Ensures that the mission statement and vision set in place by the company is properly carried out d. Ensures that the plans and strategies set in place by management are properly carried Out e. None of the above 5] A formal document that states the goals of the business as well as the plan for reaching those goals is called: a A company's mission statement b. A company's vision C. A company's business plan d. A company's procedures e. None of the above Page 3 of 13