Types of Business Organizations and Their Characteristics

What are the three primary types of business organizations mentioned in the passage?

• Service, Merchandising, Manufacturing

• Service, Retail, Wholesale

• Manufacturing, Retail, Service

• Wholesale, Retail, Manufacturing

Which type of business organization provides intangible products in return for fees?

• Service businesses

• Merchandising businesses

• Manufacturing businesses

• Retail businesses

In which type of business organization are owners personally liable for business debts?

• Sole proprietorships

• Corporations

• Limited liability companies

• Non-profit organizations

What is a key characteristic of corporations as mentioned in the passage?

• Limited liability protection

• Single ownership

• Minimal government regulation

• Personal liability for debts

How do many businesses diversify their operations according to the passage?

• By engaging in more than one type of activity

• By focusing solely on manufacturing

• By only providing services

• By selling products at wholesale prices