Leigh Wants to Go into the Business of Construction Contracting

question 36

Multiple Choice

Leigh wants to go into the business of construction contracting. Among the reasons that would probably convince Leigh to set up his business as a sole proprietorship would be

• A)its greater organizational flexibility.
• B)its limited liability.
• C)its perpetual existence.
• D)the ease of transferring the business to other family members.

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Definitions:

Check-Cashing Outlets

Businesses that offer to cash checks for a fee, often serving customers who do not have access to traditional banking services.

Banking Services

Various financial services provided by banks, including loans, deposits, money transfers, and account management.

Money Orders

A financial instrument issued by a bank or postal service that allows the person named on the order to receive a specified amount of cash on demand, often used for payments when checks are not accepted.

Branch Banking

Banking operations in which a financial institution operates multiple branches, each providing banking services to customers.