Takk 2024 Unit 3 Exam Study Guide

Front

Business Owned by a Single Individual

Back

Sole Proprietor

Front

Sole Proprietorship business has

Back

unlimited liability

Front

To start a partnership business, what should be the minimum number of partners?

Back

2

Front

In partnership, partners liabilities are

Back

Unlimited

Front

Unlimited liability means

Back

the owners' personal possessions can be used to cover the firm's debts

Front

Decision is taken in partnership firm

Back

Mutually ( all partners together)

Front

Which of the following is an advantage of being in a partnership? Ideas and decision making can be shared, The most senior partner has responsibility for running the business, Partners can have responsibility for many different areas of the business, Each partner gets the same share of the profits

Back

Ideas and decision making can be shared

Front

when a group of people form a business or organization and have rights and liabilities separate from the individuals involved

Back

Corporation

Front

any person, company or other institution which owns at least one share in a company (also known as a stockholder)

Back

Shareholder

Front

money or debt owed

Back

Liability