Question

Match each term in column a with its definition in column b

Column A
1. sole proprietorship
2. partnership
3. unlimited liability
4. capital
5. contract
6. income
7. expenses
8. profits
9. limited life

Column B
a. personal responsibility for all the debts of
a company
b. another word for "money"
c. the money earned by an individual or a firm
d. a business owned by one person
e. a business owned by two or more persons
f. the risk that a business will close upon the
death of an owner
g. what is left out of income after expenses are
paid
h. the costs of doing business
i. a legally binding agreement

Answer 1

Sole proprietorship - d. a business owned by one person
Partnership - e. a business owned by two or more persons
Unlimited liability - a. personal responsibility for all the debts of a company
Capital - b. another word for "money"
Contract - i. a legally binding agreement
Income - c. the money earned by an individual or a firm
Expenses - h. the costs of doing business
Profits - g. what is left out of income after expenses are paid
Limited life - f. the risk that a business will close upon the death of an ownership