Intro to Business: Business Structures

True/False: The U.S. economy is primarily a mixed economy, meaning it combines elements of both free market and government intervention.

• True

• False

A contingent worker is someone who works on a temporary or part-time basis, often without long-term job security or benefits.

• True

• False

Business activities such as raising capital, hiring employees, and marketing products are all part of the six basic business activities.

• True

• False

True/False: A corporation is a form of business ownership in which the owners have unlimited liability for the company's debts.

• True

• False

True/False: The primary purpose of intermediaries in the supply chain is to produce goods or services for consumers.

• True

• False

True/False: A partnership is a business form where two or more people own and operate the business, sharing profits and liabilities.

• True

• False

True/False: A cooperative is a type of business that is owned and operated by a group of individuals who benefit from the goods or services provided by the business.

• True

• False

True/False: The "buy goods and services" activity refers to the purchasing of supplies and resources necessary to run a business.

• True

• False

Franchises allow business owners to open a business using the brand name and business model of an established company, with some level of autonomy.

• True

• False

True/False: An LLC (Limited Liability Company) provides the benefits of both limited liability and pass-through taxation.

• True

• False