Business organizations

What do business owners consider when they select a business ownership structure?

• Personal circumstances, type of business, and product mix
• Product versatility, financial needs, and advertising strategies
• Personal circumstances, financial needs, and type of business
• Product versatility, advertising strategies, and personal circumstances

“To form my business, I used all of my savings and borrowed from the bank, and I’m

• Partnership
• Sole proprietorship
• Corporation
• Cooperative

Brea, Robert, and Lincoln are college friends who want to start a business. Brea has

• merger.
• partnership
• franchise.
• corporation.

If all of the individuals who own a business share unlimited liability for the business’s losses, these individuals are part of a(n)

• private corporation.
• general partnership.
• “S” corporation.
• “C” corporation.

Lois and Harper plan to open a florist shop. Lois is unable to devote full time to the daily

• Private
• Nonprofit
• General
• Limited

The Scott Company decided to sell stock to raise capital. Under what form of business

• Corporation
• Cooperative
• Partnership
• Sole proprietorship

What type of corporation may be owned by just a few people and does not offer its shares for sale to the general public?

• Limited
• Franchise
• “C”
• Private

A type of corporation that was developed to help small businesses by taxing them as individuals in a partnership is a(n) __________ corporation.

• “S”
• “C”
• private
• limited

What type of corporation sells millions of shares and must provide complete information about its earnings, assets, and debts?

• “S”
• “C”
• private
• limited

The American Red Cross is an example of a(n) __________ corporation.

• hybrid
• nonprofit
• “S”
• “C”