08 Week Economics Quiz E.16-22

Apple

• sole proprietor

• partnership

• corporation

• commandant

Thompson and McHenry Law Firm

• sole proprietor

• partnership

• corporation

• commandant

Jimmy's Hometown Barbecue Shack

• sole proprietor

• partnership

• corporation

• commandant

Limited liability, separation between owners and management.

• sole proprietor

• partnership

• corporation

• commandant

Full control, simple taxation, unlimited personal liability

• sole proprietor

• partnership

• corporation

• commandant

Shared resources, expertise, and workload. Simple taxation, Joint liability

• sole proprietor

• partnership

• corporation

• commandant

The Bottom Line

• Revenue

• Gross Profit

• Operating Profit

• Net Profit

Total amount paid for your product.

• Revenue

• Gross Profit

• Operating Profit

• Net Profit

Day-to-Day Business costs like the electric bill.

• Revenue

• Cost of Goods Sold

• Operating Expenses

• Net Profit

COGS

• Revenue

• Cost of Goods Sold

• Operating Expenses

• Net Profit