ITB Ch 5 Quizizz

All businesses buy goods and services.

• True

• False

Service jobs are the lowest paying jobs in the U.S. economy.

• True

• False

A corporation is managed by a board of directors.

• True

• False

A goal is a precise statement of results the business expects to achieve.

• True

• False

The form of ownership most common among U.S. businesses is

• proprietorship

• corporation

• partnership

• nonprofit

All of the following types of businesses are producers EXCEPT

• extractors

• farmers

• retailers

• manufacturers

The easiest form of business to start is the

• S corporation

• proprietorship

• partnership

• nonprofit corporation

A partnership

• is the most common form of business ownership in the United States

• limits the liability of the owners to the amount of money invested

• is funded through the sale of stock

• requires at least two owners

A unique business organized by two or more other businesses to operate for a limited time and for a specific project is a

• franchise

• limited liability partnership

• joint venture

• limited liability company

The obligation to complete specific work is called:

• accountability

• responsibility

• span of control

• authority