Economics Chapter 3 Business Organizations

Which of the following is NOT one of the three main types of business organization?

• Sole Proprietorship

• Non-profit Organization

• Partnership

• Corporation

a business owned and ran by a single individual

• Sole Proprietorship

• Non-profit Organization

• Partnership

• Corporation

There are almost no requirements to start a sole proprietorship except for the occasional business license and fees.

• True

• False

In a sole proprietorship, profits must be shared with others.

• True

• False

an owner is personally and fully responsible for all losses and debts of the business

• Unlimited Life

• Limited Liability

• Limited Life

• Unlimited Liability

employee benefits such as paid vacations, sick leave, retirement, and insurance.

• add ons

• employee stock options

• fringe benefits

• employee perks

the business legally ceases to exist when the owner dies, quits or sells the business.

• Unlimited Life

• Limited Liability

• Limited Life

• Unlimited Liability

a business that is jointly owned by two or more persons

• Sole Proprietorship

• Non-profit Organization

• Partnership

• Corporation

where all partners are responsible for the management and financial obligations of the business

• coexistent partnership

• general partnership

• "family rules" partnership

• limited partnership

where at least one partner is not active in the daily running of the business

• coexistent partnership

• general partnership

• "family rules" partnership

• limited partnership