Duplicate of Business Foundations Chapter 4

Question 1

legal obligations general partners and sole proprietors, they are liable for all business debts

Accepted Answer

Limited Liability

Question 2

Limited Partner is responsible for any debts of the partnership.

Accepted Answer

False

Question 3

Which of the following is NOT an advantage of corporate form of ownership?

Accepted Answer

Profits are taxed twice

Question 4

an employee that reports an employer's misconduct.

Accepted Answer

Whistle-Blowing

Question 5

independently owned and operated company is limited in size and in revenue

Accepted Answer

Small Business

Question 6

bringing (goods or services) into a country from abroad for sale

Accepted Answer

Importing

Question 7

Compared to a corporation a partnership is more expensive and difficult to establish

Accepted Answer

False

Question 8

the amount by which the cost of a country's imports exceeds the value of its exports

Accepted Answer

Trade Deficit

Question 9

an official ban on trade or other commercial activity with a particular country.

Accepted Answer

Embargo

Question 10

sum of money paid regularly by company the shareholders out of profits

Accepted Answer

Stock

Question 11

The amount paid for stock is the most a shareholder can lose in the corporate for of ownership.

Accepted Answer

True

Question 12

In a sole proprietorship the proprietor takes on many roles

Accepted Answer

True

Question 13

a type of business ownership run by two or more partners.

Accepted Answer

Partnership

Question 14

the difference in value between a country's imports and exports

Accepted Answer

Balance of Trade

Question 15

sending (goods or services) to another country for sale

Accepted Answer

Exporting

Question 16

kind of predatory pricing, especially in the context of international trade

Accepted Answer

Dumping

Question 17

When two business firms need large sums of money to finance a major project, they are likely to

Accepted Answer

Syndicate

Question 18

ethical framework that an entity has an obligation to act for the benefit of society at large.

Accepted Answer

Social Responsibility

Question 19

The board of directors is directly responsible for the stockholders

Accepted Answer

True

Question 20

The S-corporation form of organization allows a corporation to avoid double taxation

Accepted Answer

True

Question 21

commercial transactions that occur across country borders

Accepted Answer

International Business

Question 22

the capital raised by a business or corporation through the issue and subscription of shares.

Accepted Answer

Corporation

Question 23

One advantage of an LLC is that owners have ____ liability.

Accepted Answer

Limited

Question 24

The ability to combine skills and knowledge is an advantage of

Accepted Answer

Partnership

Question 25

Unlimited liability is an advantage of a sole proprietorship.

Accepted Answer

False

Question 26

The articles of partnership is a written contract describing the terms of a partnership

Accepted Answer

True

Question 27

legal obligations general partners and sole proprietors are responsible for business debts

Accepted Answer

Unlimited Liability

Question 28

Liz catered in college, now turning it in to a full time business & wants to maintain control.

Accepted Answer

Sole Proprietorship

Question 29

written document, describes how a business, usually a new one, is going to achieve its goals.

Accepted Answer

Business Plan

Question 30

simplest business form, person who owns the business is personally responsible for debts

Accepted Answer

Sole Proprietorship

Question 31

a person's financial responsibility to a fixed sum (value of a person's investment in company)

Accepted Answer

Dividend

Question 32

the amount by which the value of a country's exports exceeds the cost of its imports

Accepted Answer

Trade Surplus

Question 33

moral principles that govern a person's or group's behavior.

Accepted Answer

Ethics

Question 34

document that outlines the mission and values of the business or organization

Accepted Answer

Code of Ethics

Question 35

a person who organizes and operates a business or businesses, taking on a high risk to do so

Accepted Answer

Entrepreneur

Question 36

the difference in total value between payments into and out of a country over a period

Accepted Answer

Balance of Payments

Question 37

General Partner invests money into a business, but does not have management responsibility.

Accepted Answer

False

Duplicate of Business Foundations Chapter 4

Questions 37

Duplicate of Business Foundations Chapter 4

Questions 37