Agribusiness Management and Leadership 9-Week Exam

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What is a Corporation?

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A corporation is a legal entity that is separate from its owners, providing limited liability to its shareholders and allowing for the transfer of ownership through stock.

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What are Shareholders?

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Shareholders are individuals or entities that own shares in a corporation, entitling them to a portion of the company's profits and voting rights.

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What is a Cooperative?

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A cooperative is a business organization owned and operated by a group of individuals for their mutual benefit, where members share in the profits and decision-making.

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What is a Franchise?

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A franchise is an authorization granted by a government or company to an individual or group to carry out specified commercial activities, such as selling products or services under a brand.

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What is Common Stock?

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Common stock represents ownership in a corporation and entitles the holder to dividends that can vary based on the company's performance.

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What is Preferred Stock?

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Preferred stock is a type of stock that provides dividends at a fixed rate and has priority over common stock in the event of liquidation.

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What is a Sole Proprietorship?

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A sole proprietorship is a business owned and operated by a single individual, who is personally liable for all debts and obligations of the business.

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What is a Partnership?

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A partnership is a business organization where two or more individuals share ownership and management responsibilities, as well as profits and losses.

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What is Limited Liability?

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Limited liability is a legal structure that protects an owner's personal assets from being used to satisfy business debts.

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What is a Board of Directors?

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A board of directors is a group of individuals elected to represent shareholders and oversee the management of a corporation.