Economics: Business Organizations & Market Structures

__________________ is an establishment formed to carry on commercial enterprise.

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Business Organization

The least complicated form of business organization is a _________________.

• Sole Proprietorship

• Oligopoly

• Corporation

• Partnership

A ____________ is a business that is owned by one individual, who makes all business decisions, receives all the profits or takes all the losses of the firm, and is legally responsible for the debts of the firm.

• General Partnership

• Monopolistic Competition

• Sole Proprietorship

• Corporation

A form of legal organization in which a business association made up of two or more persons is formed for the purpose carrying on as co-owners is referred to as a _________________.

• Sole Proprietorship

• Corporation

• Monopolistic Competition

• Partnership

A business firm owned by shareholders who possess ownership rights to the firm's profits, but whose liability is limited to the amount of their investment in the firm (stocks) is known as a

• Corporation

• General Partnership

• Limited Liability Partnership

• Sole Proprietorship

Due to the nature of its business structure, a _________________ is the most complex form of business organization and a legal entity unto itself.

• Oligopoly

• Monopoly

• Partnership

• Corporation

_______________ is a type of business organization in which all partners have unlimited personal liability and share equally in both profit and responsibility for the business.

• General Partnership

• Corporation

• Franchises

• Limited Liability Partnership

A type of business organization in which all partners are limited partners and are protected from personal liability in certain situations is known as a _______________.

• Limited Liability Partnership

• Business Organization

• General Partnership

• Government Monopoly

Owners of a corporation are known as ____________, each of whom faces only limited liability for the firm's debts, which is the value of their stock.

• Limited Liability Partnership

• Stockholders

• Partners

• Sole Proprietors

_______________ refers to shares of ownership in a corporation.

• Stocks

• Bonds

• Certificates of Deposit

• Demand Deposits