Chapter 7 Review - EIIA 6

Sole proprietorships enable two or more people to be in control of a business.

• True

• False

The government exercises very little control over sole proprietorships.

• True

• False

The most common form of business ownership in the United States is the corporation.

• True

• False

In a partnership, any losses the business incurs will be shared by all of the partners.

• True

• False

A partnership agreement identifies the type and value of the investment contributed by each partner.

• True

• False

People who own shares of stock in a corporation are the owners of the corporation.

• True

• False

The Clayton Act makes it illegal for competitors to get together and set prices on the products or services they sell.

• True

• False

The original, creative work of an artist or inventor is called intellectual property.

• True

• False

Copyrights remain in effect for 20 years after the death of the author.

• True

• False

A patent grants property rights to an inventor for 70 years.

• True

• False