5 Questions
What is the definition of a business enterprise?
Long-term economic activity with own or rented assets and labor, for profit.
What is the definition of a company?
The organizational framework of the business enterprise.
Which of the following areas belong to the tertiary sector?
Services, trade
Is the statement true about limited liability company’s liability?
Yes, a limited liability company’s liability concerning its obligations is limited.
Is the statement true about the officers of a corporation?
Yes, the officers of a corporation are elected by the board of directors.
Study Notes
Business Enterprise and Company
- A business enterprise is an organization that produces goods and/or services to earn profits.
- A company is a type of business enterprise that is a legal entity, separate from its owners, with its own rights and responsibilities.
Tertiary Sector
- The tertiary sector includes areas such as:
- Education
- Healthcare
- Finance
- Transportation
- Communication
- Tourism
- Hospitality
- Real Estate
Limited Liability Company
- In a limited liability company, the liability of its owners (shareholders) is limited to the amount they invested in the company.
Officers of a Corporation
- The officers of a corporation, such as the CEO, president, and treasurer, are responsible for the day-to-day management and operation of the company.
Test your knowledge of business enterprise with this quiz! Explore the definition of a business enterprise and assess your understanding of its key characteristics. Choose the correct answer and enhance your understanding of this fundamental aspect of economic activity.
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