A business owned by one person

• General partnership

• Sole proprietorship

• Corporation

• Limited partnership

Name three disadvantages of partnerships.

• More resources

• Unlimited liability

• Potential for conflict

• Expansion, succession and termination issues

A legal entity, distinct from any individual persons, that has the power to own property and conduct business.

• Sole proprietorship

• Partnership

• Corporation

A measure of how easily and quickly an asset such as corporate stock can be converted into cash by selling it.

• Supply and demand

• Liquidity

• Manage

• Economic system

Corporations seeking "S" status must meet certain criteria, including a maximum of _________ investors.

• 1000

• 10

• 100

• 10000

Corporation that owns one or more subsidiaries.

• Holding company

• Alien corporation

• Benefit corporation

• Parent company

A group of professionals elected by shareholders as their representatives, with responsibility for the overall direction of the company

• Shareholders

• Proxy

• Board of directors

• Corporation

The highest ranking officer of an organization

• Chief Executive Officer

• Human Resources Executive

• Marketing Analyst

• Operations Manager

An action taken by two companies to combine as a single entity

• Acquisition

• Hostile takeover

• Merger

• Leveraged buyout (LBO)

A small business is a company that is independently owned and operated and employs fewer than _______ employees.

• 1

• 100

• 200

• 500