Econ Ch. 8 quiz

In which type of organization does one person take all the risks?

• Corporation

• Cooperative

• Partnership

• Sole Proprietorship

Nike, IBM, and Google are examples of what type of business?

• Partnership

• Corporation

• Sole Proprietorship

• None of the Choices

How is a general partnership organized?

• Every partner shares equally in both responsibility and liability.

• No partner is responsible for the debts of the partnership beyond his or her investment.

• The doctors, lawyers, or accountants who form a general partnership hire others to run the partnership.

• Only one partner is responsible for the debts of the partnership.

Agricultural, Housing, and Credit Unions are examples of what type of business?

• Partnership

• Corporation

• Sole Proprietorship

• Cooperative

A form of business organization that is authorized to act as a legal entity regardless of the number of owners.

• Corporation

• Partnership

• Sole Proprietorship

• None of the Choices

In which type of organization does one person take all the risks?

• Corporation

• Cooperative

• Partnership

• Sole Proprietorship

A form of business owned by two or more persons. The details of the arrangement between the partners are outlined in a written document called articles of partnership

• Sole/Single Proprietorship

• Cooperatives

• Partnerships

• Corperation

The owners are called stockholders or shareholders

• Sole/Single Proprietorship

• Partnership

• Si Sir Lolo emz

• Corporation

Is a duly registered association of persons with a common bond of interest, voluntarily joining together to achieve their social, economic and cultural needs. The members are expected to patronize their products and services.

• Sole/Single Proprietorship

• Partnerships

• Corporation

• Cooperatives

It is an organization which is formed voluntarily by a group of people to conduct economic activities that are beneficial and respond to the need and aim of it's members.

• Market

• Cooperatives

• Economy

• Sufficiency