Intro to Business

What is a partnership?

• A business owned and operated by multiple people
• A business in which owners are shareholders
• A business that relieves owners of personal responsibility for debts
• A business owned and operated by a single person

What is a limited liability company (LLC)?

• A business owned and operated by multiple people
• A business owned and operated by a single person
• A business in which owners are shareholders
• A business that relieves owners of personal responsibility for debts

What is the role of businesses in the economy?

• Produce goods and services
• Create jobs
• Contribute to overall health and growth of the economy
• All of the above

What type of business is Hewlett Packard (HP)?

• Corporation
• Partnership
• LLC
• Sole Proprietorship

What is a disadvantage of a sole proprietorship?

• Single owner
• Limited liability
• Flexible management
• Unlimited liability

Which company is an example of a corporation?

• Ebay
• Chrysler
• Hewlett Packard (HP)
• Apple

What do businesses provide to fulfill the needs and wants of consumers?

• Unemployment rates
• Goods and services
• Wealth and resources
• Jobs

What is a corporation?

• A business owned and operated by multiple people
• A business owned and operated by a single person
• A business in which owners are shareholders
• A business that relieves owners of personal responsibility for debts

What is one of the significant contributions of businesses to the economy?

• Reducing unemployment rates
• Limiting consumer choice
• Decreasing living standards
• Increasing poverty rates

What is the main characteristic of a corporation?

• Owners referred to as shareholders
• Shared profits and losses among partners
• Responsibility for business liabilities falls on the LLC
• Legal separation between the business and the owner