Economic chapter 7 Review

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Subchapter S corporation

A business with fewer than 35 shareholders can incorporate as a(n)

True

A corporation is more likely to obtain low-interest loans than a partnership

False

A cosigner is someone to whom a debt is owed

True

A limited partner can lose only what he originally invested in a company

False

A subchapter S corporation must have fewer than twenty five shareholders

Impersonality

According to the text, what disadvantage often results from corporations' great size?

An inability to respond quickly to the market

According to the textbook, corporations' organizational structures can sometimes lead to accusations of?

True

Around one-fourth of all new businesses fail within their first year

True

Corporations can usually get better loans than partnerships

True

Corporations' great size can make workers feel unimportant

True

Corporations' organizational structure can cause slow responses to the market

False

Historically, sole proprietorship have the shortest lifespan of the three business types

Individuality and immortality

In the eyes of the law, a corporation possesses which two important qualities?

False

Legally, partnerships always require a written contract

False

Limited liability companies are ruled by a board of directors

Retain competent employees

Many law and accounting firms use the partnership model because of its ability to?

True

Partnership have a definite advantage over sole proprietorship in finding financial sources.

One-fourth

Suppose you buy 70,000 shares of a particular corporation stock. If the company has issued a total of 280,000 shares, how much of the company do you now own?

False

The greatest weakness of the partnership and the sole proprietorship is their limited management skills

False

The most popular business model in the United States today is the partnership

The sole proprietorship

The most popular business model in the United States today is?

Proverbs

What book of the Bible gives much advice about personal financial practices?

Unlimited financial liability

What great risk balances out the many advantages of both the sole proprietorship and partnership models

Information

What important business factor can sole proprietorship protect better than corporations can?

Limited personal liability

What is the chief advantage of incorporating a company?

Greater financial resources

What is the primary advantage of partnership over sole proprietorship?

Sole proprietorship

Which business type gives its owner(s) the most freedom?

What is the limit of each partner's liability?

Which of the following is not a question that a general partnership contract must answer?

No more than fifty shareholders

Which of the following is not an accurate criterion for an LLC?

Do unto others as you would have them do unto you.

Which statement best summaries J.C Penney's business philosophy


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