Business and Partnership Concepts Unit Quiz

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Questions and Answers

What is a partnership?

A partnership is a business structure where two or more individuals manage and operate a business together, sharing its profits and responsibilities.

List two advantages and two disadvantages of a partnership.

Advantages include shared resources and expertise; disadvantages are personal liability and potential for conflicts between partners.

What distinguishes a Joint Stock Company from other types of companies?

A Joint Stock Company allows for the ownership to be shared among shareholders, who can buy and sell shares freely in the stock market.

Explain the main objectives of a business.

<p>The main objectives of a business include generating profit, providing goods or services, and contributing to economic development.</p> Signup and view all the answers

What is the difference between a public company and a private company?

<p>A public company can sell its shares to the general public through the stock market, while a private company does not, limiting its shares to a select group of individuals.</p> Signup and view all the answers

Flashcards

Partnership

A business structure where two or more individuals agree to share profits, losses, and responsibilities. They pool resources and work together to achieve common business goals.

What is a partnership deed?

A formal document outlining the terms and conditions of a partnership. It covers important aspects like profit sharing, responsibilities, decision-making, and dispute resolution.

Define company

An organization formed to carry out a specific business activity. It has its own legal identity separate from its owners, enjoying benefits like limited liability and perpetual existence.