ECON FINALS REVIEWER

This type of business is operated by a single person.

• sole proprietorship

• cooperatives

This type of partnership only has partners responsible to a certain extent, usually based on the amount contributed.

• general partnership

• limited partnership

Corporations are expected to register with the Securities and Exchange Commission (SEC).

• TRUE

• FALSE

This type of business is an association of individuals who work together to pursue their social, cultural, and economic needs.

• sole proprietorship

• partnership

• corporation

• cooperatives

This sector in the economy owns the resources or factors of production needed by the business.

• household sector

• business sector

• government

This sector is the regulating unit in the economy.

• household

• government

• business sector

How many sectors are businesses classified into?

• two

• three

• four

• five

The three sectors of business are classified as PRIMARY, SECONDARY, and QUARTERNARY.

• TRUE

• FALSE

Businesses are established to make a ______.

This type of business organization has below Php 3,000,000.00 value of assets.

• micro

• small

• medium

• large