Question One How are corporations formed? Question Two Explain the types of stock and the characteristics of each. Common Stock, Preferred Stock, Cumulative Preferred Stock. Question Three Explain the three roles of government in the United States. Question Four What is a Sole Proprietorship? Question Five What is the difference between a General Partnership and a Sole Proprietorship? Question Six What is a Corporation? Do corporations have liability? Question Seven What is a Franchise? What are some examples of successful franchises? Optional Practice Question One: We will discuss this question in class together. Jake and Mike decided to go into business together selling T-shirts Jake was the general partner while Mike was the limited partner. Mike invested $10.000 to help get the business of the ground. Mike loved to play golf every day and was disinterested in management. His only concern was making money and ensuring that the business was profitable Jake decided to lease an office space in a building near the local mall to capitalize on the busy traffic to hopefully increase sales. Once Mike found out about Jake's decision to lease near the mall, he was outraged! He told Jake that the area was too busy and was not the best opuon for their t-shirt business. Mike demanded the location be changed to the Plaza near Filth & Third Street and Jake agreed