Intro to Business, Ch 4

Three types of corporations are:

C Corp S Corp LLC

_____ are organizations formed by individuals or businesses with similar interests to achieve greater economies of scale and economic power through collective ownership.

Cooperatives

Identify an advantage of sole proprietorships?

Easy to form legally

The 3 branches of U.S. government are: (click 3 that are true)

Legislative Judicial Executive

Three basic legal forms of businesses are:

Partnership Corporation Sole Proprietorship

What is/are the disadvantages of partnerships?

Potential conflicts with the partners

When a consumer brings a suit against a seller for injury due to a defected product that had a warranty, what is false below?

This is a Tort suit which is for violation of warranty for the product

Fairmount Food Group purchased Swissrose International Inc., market of several brands of specialty and food service cheese from ConAgra. The _____ will make Fairmount the largest U.S. importer and marketer of specialty and deli-style cheese.

acquisition

Shareholders ________ Board of Directors who __________ Managers in a corporation.

elect, hire

Sole proprietorships:

have unlimited liability