BusinessU Lesson 2-1, 3-1, 3-4, 3-5: Alex

Front

When starting a business, it is important to:

Back

analyze the advantages and disadvantages of each type of business

Front

These items are impacted differently, based on the type of business structure chosen by a business owner: how the business is taxed and limits of liability

Back

how the business is taxed and limits of liability

Front

What is a “Partnership”?

Back

A partnership is a business arrangement where two or more individuals share ownership and operational responsibilities of the business.

Front

Why are Limited Liability Partnerships (LLPs) appealing to a group of doctors or lawyers?

Back

liability is limited to each doctor/partner, and each doctor/partner isn’t liable for the malpractice of any other doctor/partner

Front

Advantages of Sole Proprietorships as a form of business ownership include: double taxation, limited capital, quick decision making control, limited liability

Back

quick decision making control

Front

The physical assets used to produce goods and services, including machinery, equipment, buildings, and tools are:

Back

capital goods

Front

The reality that people’s wants always exceed the resources available to fulfill those wants is:

Back

scarcity

Front

A general increase in prices in an economy is:

Back

inflation

Front

The reality that people’s wants always exceed the resources available to fulfill those wants is:

Back

scarcity

Front

Which economic system relies on cultural customs, history, ancestral practices, and time-honored beliefs to make decisions about production and distribution?

Back

traditional