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Economics Chapter 3 – Quiz 3

What is the most common form of business organization in the U.S.
Sole proprietorship
What is the main strength of the corporate form of business organization
ease of raising financial capital
a government document granting permission to create a corporation is called
charter
basic ownership of a corporation, including voting rights, takes the form of
common stocks
all of the following are strengths of the partnership form of business organization EXCEPT
Limited life
merger
combination of two or more business enterprises to form a single firm
net income
The difference between total revenue and total expenses when total revenue is greater.
vertical merger
combination of firms involved in different steps of manufacturing or marketing
depreciation
the loss of the value of capital equipment that results from normal wear and tear
sole proprietorship
business owned by one person
multinational
a corporation that has manufacturing or service operations in a number of different countries
limited life
A firm that legally ceases to exist when the owner dies, quits, or sells the business
corporation
a business firm whose articles of incorporation have been approved in some state
limited partnership
partnership in which only one partner is required to be a general partner
bankruptcy
financial failure caused by an inability to pay one’s debts

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