Mid-Term Review

In a partnership, each partner is liable for all the debts of the business if the business fails.

• true
• false

Of the MAJOR forms business ownership in the United States, the most difficult to form is a

• partnership
• franchise
• corporation
• proprietorship

The people who make the major policy and financial decisions for a corporation are called the

• stockholders
• owners
• board of directors
• parners

What is a business with 1 owner?

• proprietorship
• partnership
• corporation

What is a business with 2 or more owners?

• proprietorship
• partnership
• corporation

a list of steps to be followed for performing a particular work activity; a description of the way work is to be done

• policies
• procedures
• partnership agreement
• extractors

people born between 1946 & 1964

• old people 
• grandparents
• baby boomers
• senior citizens

A retailer is an example of a(n)

• extractor
• producer
• intermediary
• service business

All investors in a general partnership have full liability for the debts of the business.

• true
• false

A special form of business organization that combines advantages of a corporation and a partnership is a 

• franchise
• nonprofit corporation
• cooperative
• limited liability company