Forms of Business Organizations

True (A)

Opportunity cost

<p>scale</p> Signup and view all the answers

<p>Kingston and St. Andrew Corporation (K.S.A.C.) = Local and Municipal Authorities Building hospitals over transportation = Opportunity cost Limited resources and unlimited wants = The Economic Problem</p> Signup and view all the answers

<p>No need for consultations for decision-making (B)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>Limited Liability Partnership and Unlimited Liability Partnership</p> Signup and view all the answers

<p>unlimited liability</p> Signup and view all the answers

<p>Sole Trader = A single individual owns and manages the business. Partnership = Two or more individuals legally share ownership and profits. Private Limited Liability Company = A company with limited liability, owned by a small number of shareholders. Public Limited Liability Company = A company with limited liability, whose shares are offered to the public. Franchise = A business model where an individual purchases the right to operate a business under an established brand.</p> Signup and view all the answers

<p>Operates for profit (C)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>A conglomerate is a large corporation that owns and operates multiple businesses in different industries.</p> Signup and view all the answers

<p>Ordinary/General Partner (A)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>Their personal assets are protected in case of bankruptcy.</p> Signup and view all the answers

<p>Limited Liability</p> Signup and view all the answers

<p>Public Limited Liability Company (B)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>Ordinary Partner = Invests in the business but does not participate in management. Sleeping Partner = Actively involved in running the business. Limited Liability Partner = Protected from personal liability beyond their investment. Public Limited Company = Shares can be purchased by the general public. Private Limited Company = Shares are only offered to friends, relatives, and colleagues.</p> Signup and view all the answers

<p>Seven</p> Signup and view all the answers

<p>Companies Act</p> Signup and view all the answers

<p>Private Limited Liability Company (A)</p> Signup and view all the answers

<p>Conglomerates (B)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>To obtain goods and services at a reasonable cost.</p> Signup and view all the answers

<p>cooperative</p> Signup and view all the answers

<p>Conglomerates = A group of unrelated companies under one umbrella. Nationalized Industries = Government-owned and controlled businesses. Cooperatives = Member-owned entities with shared profits. Government Departments = Ministries responsible for specific government functions.</p> Signup and view all the answers

<p>Prioritize profit maximization (C)</p> Signup and view all the answers

<p>Certificate of Incorporation (A), Certificate of Trading (B), Prospectus (C), Articles of Association (D), Statutory Declaration (E), Memorandum of Association (F)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>Based on the amount of goods they buy, not on their investment</p> Signup and view all the answers

<p>minister</p> Signup and view all the answers

<p>Limited liability</p> Signup and view all the answers

<p>a limited liability company</p> Signup and view all the answers

<p>A water supply company (D)</p> Signup and view all the answers

<p>Limited Liability Company = Limited liability for shareholders Multinational Company = Introduction of advanced technology Franchise = Established brand recognition and support Sole Trader = Complete control over business decisions</p> Signup and view all the answers

<p>They sometimes exploit workers by offering low wages and long hours. (B), They may cause unemployment by closing down operations in one country to take advantage of cheaper labor in another. (C)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>Established brand recognition and customer base</p> Signup and view all the answers

<p>abide by all the rules and guidelines</p> Signup and view all the answers

<p>Complete independence in decision-making and business operations (A)</p> Signup and view all the answers

Government bodies run by elected officials to manage local needs.

Limited resources versus unlimited wants each economy faces.

A list ordering options by preference for resource allocation.

The next best alternative foregone when a choice is made.

Decisions made due to limited resources available.

A system that groups people towards a common goal, typically to create goods and services for profit.

Industries, services, and activities owned by individuals or companies.

Industries and services owned and operated by the state.

A business owned by a single person who makes all decisions and bears all risks.

Benefits include full profit retention, simple startup, and informal decision-making.

Includes unlimited liability, long working hours, and limited capital for investment.

A business formed by 2 to 20 persons sharing profits and responsibilities.

Includes Limited Liability Partnership (one unlimited liability) and Unlimited Liability Partnership (all unlimited).

A fee paid to a parent company to use its business name.

A group of unrelated companies under one parent company.

Businesses owned and controlled by the government for essential services.

Ministries run by appointed ministers managing specific sectors.

Business entities owned by members who share ownership and benefits.

Cooperatives that buy goods in bulk for lower prices for members.

Groups of producers (like farmers) who pool resources to lower costs.

Access to goods at lower prices and a guaranteed market.

Inexperienced management chosen from the membership.

Basic services like water and electricity provided by government or nationalized industries.

A legal document outlining the terms of a partnership.

A partner actively involved in managing the business.

A partner who invests but does not participate actively.

A partner whose personal assets are protected from business losses.

More capital and shared workload due to multiple contributors.

All partners share the risks and responsibilities of actions taken.

A company structure protecting personal assets from business debts.

A company selling shares only to a limited group of people.

A company allowing shares to be bought by anyone, publicly traded.

Legislation governing the formation and operation of companies.

A legal document that outlines a company's structure and objectives.

Rules governing the internal management of a company.

A document that officially registers a company, granting it legal status.

A legal structure where shareholders are not personally responsible for company debts.

Public companies can sell shares to the public; private companies have restricted share transfer.

A corporation that operates in multiple countries under a unified management.

An agreement allowing one party to operate a business under the branding of another.

Benefits include job creation, technology introduction, and providing goods/services.

Drawbacks include profit repatriation, worker exploitation, and job loss during downsizing.

A formal statement confirming the compliance with legal requirements.