A defining difference in what makes a firm a sole proprietorship partnerships

A defining difference in what makes a firm a sole

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60) A defining difference in what makes a firm a sole proprietorship, partnerships, or a corporation is the:1.A) size of each type of business.2.B) number of each type of business.3.C) nature of ownership and accountability for each type of business.4.D) profitability of each type of business.Answer: CExplanation: The nature of ownership and liability varies across the three businesses, with sole proprietorships having a single owner who is legally liable, partnerships having two or more owners who are legally liable, and corporations having stockholders who have only limited liability.Difficulty: 1 EasyTopic: Economic Institutions in a Market EconomyLearning Objective: 03-02 Describe the role of businesses and households in a market economy.Bloom’s: RememberAACSB: Reflective ThinkingAccessibility: Keyboard Navigation61) A partnership is a business:
Difficulty: 1 EasyTopic: Economic Institutions in a Market EconomyLearning Objective: 03-02 Describe the role of businesses and households in a market economy.Bloom’s: RememberAACSB: Reflective ThinkingAccessibility: Keyboard Navigation62) A business is most likely to be characterized as a corporation if:Difficulty: 2 MediumTopic: Economic Institutions in a Market EconomyLearning Objective: 03-02 Describe the role of businesses and households in a market economy.Bloom’s: Understand
AACSB: Reflective ThinkingAccessibility: Keyboard Navigation

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