Business Organizations notes set

What are the 3 major forms of business organizations?

• Sole proprietorship, Parterships, Corporations

• Sole proprietorships, corporations, and monopolies

• Partnerships, Corporations, perfect competitions

• Sole proprietorship, Oligopoly, Corporations

Which of these is one of the 4 types of market structures

• Partnerships

• Corporations

• Perfect competition

• Sole proprietorships

What is a perfect competition?

• A business owned or controlled by one person

• a market structure in which a large number of firms all produce the same product.

• a market structure where a small number of companies have a significant influence over a market or industry

• a market structure where a single seller or producer has a dominant position in an industry

What is an oligopoly?

• a market structure where a single seller or producer has a dominant position in an industry

• a formal agreement between two or more people to run a business together and share its profits

• a market structure that has all the same features of perfect competition except identical products (all products are a little different)

• a market structure where a small number of companies have a significant influence over a market or industry

Which is one of the conditions needed for perfect competition?

• A small number of buyers and sellers

• Buyers and sellers deal in different products

• Buyers and sellers deal in identical products

• There is the same amount of buyers and sellers

Define product differentation

• The only thing setting a product apart from another

• Real or imagined differences between competing producers in the same industry

• Real or imagined differences between competing producers in different industries

• A market strategy helping businesses distinguish their products or services from their competitors

Which of these is a monopoly

• a market structure in which a large number of firms all produce the same product

• a market structure where a single seller or producer has a dominant position in an industry or sector

• a business structure where one person owns and manages the business

• a type of business organization owned by many people, but treated by law as of it were a person. (separate entity)

A sole proprietorship is..

• a business that is owned and controlled by two or more individuals, a company, or a limited liability partnership.

• a market structure that combines characteristics of a monopoly and perfect competition(except different products).

• a business that is owned and controlled by one individual, a company, or a limited liability partnership.

• a legal entity that's separate from its owners.

You need a charter(formal government permission) to form a corporation

• True

• False

What is a partnership?

• A market structure in which a few large firms dominate a market

• A market structure in which a large amount of large firms dominate a market

• a formal agreement between two or more people to run a business together and share its profits

•  a combination of two or more businesses into a single firm.