Advantages of a Sole proprietorship may include:

Easy to start, manage, and get out of.

The best example(s) of a partnership would be:

Law offices and Medical Offices

What are the three types of Business organizations?

Partnership, Corporation, Sole Proprietorship

What is the difference between a corporation and the other types of economic systems?

A corporation can still run even after the founder has died.

In a partnership, who is more liable for any loss of money that the business encounters?

The partner(s), and the founder share it equally., The "articles of partnership" will decide liability.

What is the MOST likely reason for there being multiple stores for one corporation?

It is easy for them to gain capital and investments.

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Business Organizations

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General information regarding the Economic Organizations. Challenging and covering a wide array of the differences and similarities.

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Questions 12

Answers

1
LLC stands for
Live Liberty Corps
Limited Liability Company
Little Liberty Company
Little Liberty Corps
2
Advantages of a Sole proprietorship may include:
Minimum effort from the owner, and easy to raise capital.
Easy to start, manage, and get out of.
No taxes, and unlimited liability.
Huge profits and having cheap labor over seas available.
3
The best example(s) of a partnership would be:
Schools and daycares
Prisons and police departments
Car mechanics and car companies
Law offices and Medical Offices
4
Which of these companies could be considered a corporation?
Greymore Neighborhood Lawn Services
John's Beach Shack
Bill and Crystal's Burger Palace
McDonalds
5
What are the three types of Business organizations?
Corporation, Solo, Partnership
Enterprise, Partnership, Single Enterprise
Corporation, Partnership, Single Enterprise
Partnership, Corporation, Sole Proprietorship
6
The two types of stocks available for purchase are
Advertised, and Common
Common, and Advertised
Common, and Preferred
Preferred, and Advertised
7
What is the difference between a corporation and the other types of economic systems?
A corporation can still run even after the founder has died.
A corporation is run by one person. It has no extra staff.
In a corporation, workers are limited to minimum wage.
A corporation will only last until the owner dies or quits.
8
What is a company called when it is available in many countries around the world.
Multinational Corporation
Foreign Enterprises
Corporation del Mundo
Domestic Business
9
Why do people most likely buy stocks?
So they can use it to pay for other goods such as groceries
To help the business grow and expand.
In hopes of making a profit.
To show off their newly found wealth.
10
This type of business outputs the most goods, but only makes up 20% of the Economy in the US.
Partnership
Sole Proprietorship
Corporation
11
In a partnership, who is more liable for any loss of money that the business encounters?
The partner(s), and the founder share it equally.
The "articles of partnership" will decide liability.
The founder
The investors of the partnership.
12
What is the MOST likely reason for there being multiple stores for one corporation?
It is easy for them to gain capital and investments.
They have cheaper wages than most companies.
They have less employees and less advertising
The colors they use on their buildings gain customers.

Business Organizations Flashcards | StudBud