Which Form of Business Organization Is Easiest to Open and Easiest

question 77

Multiple Choice

Which form of business organization is easiest to open and easiest to close?

• A) Partnership
• B) Sole proprietorship
• C) Corporation
• D) A public company

Recognize how QBO supports tax preparation through account organization and the relationship between accounting elements and their tax implications.

Grasp the fundamental accounting principles underlying the balance sheet, profit and loss statement, and statement of cash flows.

Understand the process and importance of entering account numbers in the COA for organized financial tracking.

Distinguish between permanent and temporary accounts and their role in financial reporting and year-end closure.

---

Definitions:

APS

Acronym for Accumulated Plan Savings, often related to retirement saving plans; or it could also mean Anti-Phishing Security, depending on the context.

Disposable Income

The monetary resources left for household spending and saving after the application of income taxes.

Dissaving

When consumption is greater than disposable income; negative saving.

APC

In economics, stands for Average Propensity to Consume, which is the fraction of income spent on consumption.