Principles of Business Chapter 5 Review

Front

The largest number of U.S. businesses have no employees other than the owner.

Back

true

Front

All businesses make products.

Back

false

Front

Nonprofit corporations do not have to pay corporate income taxes.

Back

true

Front

In a partnership, each partner is liable for all the debts of the business if the business fails.

Back

true

Front

Most businesses use a functional organizational structure.

Back

true

Front

What percentage of the U.S. workforce is made up of contingent workers?

Back

5%

Front

Which of the following type of business is NOT a producer? Options: pharmacy, appliance factory, coal mine, chicken farm

Back

pharmacy

Front

Of the MAJOR forms business ownership in the United States, the most difficult to form is a

Back

corporation

Front

The people who make the major policy and financial decisions for a corporation are called the

Back

board of directors

Front

What is a business with 1 owner? Options: proprietorship, partnership, corporation

Back

proprietorship