Unit 3 Exam Review- ECON 25-26

Front

This type of business is small and owned by one person.

Back

Sole Proprietorship

Front

What is a business owned by stockholders/investors, but operated by others?

Back

Corporation

Front

What is a business owned and operated by two or more people?

Back

Partnership

Front

What kind of business organization is this? Options: Corporation, Sole Proprietorship, Partnership

Back

Corporation

Front

What kind of business organization is this? Options: Corporation, Sole Proprietorship, Partnership

Back

Partnership

Front

What kind of business organization is this?
Options: Corporation, Sole Proprietorship, Partnership

Back

Sole Proprietorship

Front

What type of business organization is the most expensive to start? Options: Corporation, Sole Proprietorship, Partnership

Back

Corporation

Front

Which of the following is an advantage of the corporation as a form of business ownership? Less complex requirements, Separate owners and managers, Limited Liability, High Taxes

Back

Limited Liability

Front

Which of the following is a disadvantage of corporations? High taxes, Unlimited life, Unlimited liability, Financial power

Back

High taxes

Front

What is a major advantage of a business that is a partnership rather than a sole proprietorship?

Back

The responsibility for the business is shared