Podcast
Questions and Answers
Which type of business provides intangible goods or services to customers?
Which type of business provides intangible goods or services to customers?
- Manufacturing Business
- Sales of goods
- Service Business (correct)
- Merchandising Business
What is the primary source of revenue in a merchandising business?
What is the primary source of revenue in a merchandising business?
- Offering services
- Purchasing products
- Sales of goods (correct)
- Manufacturing products
What form of business ownership is usually adopted by small business entities?
What form of business ownership is usually adopted by small business entities?
- Limited Liability Company
- Partnership
- Sole Proprietorship (correct)
- Corporation
In which form of business does the owner face unlimited liability for the debts and obligations of the company?
In which form of business does the owner face unlimited liability for the debts and obligations of the company?
Which type of business converts raw materials into finished products for sale to customers?
Which type of business converts raw materials into finished products for sale to customers?
What is the main characteristic of a sole proprietorship?
What is the main characteristic of a sole proprietorship?
What is the main characteristic of a sole proprietorship?
What is the main characteristic of a sole proprietorship?
How are profits or losses typically shared in a general partnership?
How are profits or losses typically shared in a general partnership?
What is a potential disadvantage of a corporation in terms of taxation?
What is a potential disadvantage of a corporation in terms of taxation?
In a limited partnership, what protection do the limited partners have?
In a limited partnership, what protection do the limited partners have?
What is the main role of the board of directors in a corporation?
What is the main role of the board of directors in a corporation?
Which business organization involves owners with limited liability but limited involvement in company operations?
Which business organization involves owners with limited liability but limited involvement in company operations?
What represents ownership in a stock corporation?
What represents ownership in a stock corporation?
What is the minimum number of persons required to form a partnership?
What is the minimum number of persons required to form a partnership?
In a general partnership, who can actively participate in the management of the business?
In a general partnership, who can actively participate in the management of the business?
What characteristic indicates that a corporation is considered a separate legal entity from its owners?
What characteristic indicates that a corporation is considered a separate legal entity from its owners?
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