Chapter 8 test

Which of the following is an example of a merger

A company combines witch a company that supplies it with raw materials

In a limited liability partnership, all partners

Are limited from personal liability in certain situations

One of the ways a corporation can raise money is by

Selling stock on the stock market

The most important decisions in a corporation are made by

The board of directors

In return for a fee to a franchiser, a business owner receives the right

To sell the franchisers goods and services

A partnership is a business organization owned by

Two or more individuals

Most large businesses are

corporations

The most common form of business organization is

sole proprietorship

Liability

the legal obligation to pay debts

Museums, public schools, and YMCAs are all

exempt from paying income taxes