Quiz 3.2 Review

Owners of sole proprietorships do not pay corporate taxes on company profits.

When responsibility for the debts of the business are restricted to the shares of stock the business owner owns.

Apple, Samsung, and LG dominating the cell phone market is an example of:

When a corporation pays taxes on profits and shareholder income/dividends. This is called:

Two different vendors in a farmers market, both selling Granny Smith apples characterize this market structure:

When it comes to government involvement, this type of business receives the most regulation

If you want to raise capital to expand your business, consider starting a corporation.

Which market structure has no competition and is basically impossible to enter ?

Owners of sole proprietorships cannot be sued for their company's wrongdoing.

If a corporation cannot pay its debts, the assets of the owners are protected from creditors.

This business organization is the most involved and costly to start up.