Advantages and Disadvantages of Different Forms of Business |

School: California College San Diego - Course: ACC 212 - Subject: Accounting

Accounting Chapter 2 Name:______________________________________________________________ Type in the appropriate answer and upload to the drop folder.(LastName Chapter 2 Test Matching Match the letter next to each form of business with the appropriate item in the following list of advantages or disadvantages a.Sole Proprietorshipc.Corporation b.Partnership ____1.Easier to raise money ____2.Limited expertise ____3.Cost more to start up ____4.Owner has total control ____5.Must share the profits ____6.Higher taxes ____7.Fewer regulations to follow ____8.Easier to transfer ownership ____9.Conflict between owners ____10.Easy to expand a.Manufacturingc.Service b.Merchandising ____11.International Business Machines (IBM) ____12.The Gap ____13.Glendale Medical Center ____14.Avis Rent A Car ____15.Ford Motor Company ____16.Chase Bank ____17.Ace Hardware ____18.Michigan City Animal Hospital ____19.Office Depot

____20.WalMart ____21.Prudential Insurance ____22.Bethlehem Steel Corporation Short Answer 23.Mary Torres owns and operates a bakery. During the past week she sold 500 loaves of bread at $2.25 per loaf. The raw materials for each loaf cost Ms. Torres $1.80. Answer the following questions. What type of business/es does Ms. Torres operate? What was her profit on bread sales for the week? Aside from the cost of raw materials, what other cost will Ms. Torres use to calculate her profits for the week?