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MCQs

Total Questions : 24 | Page 3 of 3 pages
Question 21. Which of the following is a type of business which operates as a separate legal entity?
  1.    corporation
  2.    franchise
  3.    partnership
  4.    sole partnership
 Discuss Question
Answer: Option A. -> corporation
Question 22. Final account includes
  1.    Trial balance
  2.    journal entries
  3.    trading account ,profit and loss account and balance sheet
  4.    ledger account
 Discuss Question
Answer: Option C. -> trading account ,profit and loss account and balance sheet
Question 23. Which of the following is the process of issuing loans in small amounts?
  1.    macrolending
  2.    microlending
  3.    granting
  4.    leasing
 Discuss Question
Answer: Option B. -> microlending
Question 24. How is a corporation different from a sole proprietorship or partnership?
  1.    A corporation has only one or two owners.
  2.    A corporation is usually owned by one person.
  3.    A corporation requires a legal charter with the state.
  4.    The owners (stockholders) have limited liability.
 Discuss Question
Answer: Option D. -> The owners (stockholders) have limited liability.

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