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Economics Unit 4

What is a merger that combines more than three businesses that make unrelated products?
In a limited liability partnership, all partners
are limited from personal liability in certain situations
One of the ways a corporation can raise money is by
selling stock on the stock market
Which type of business has shareholders?
a corporation
Liability is the
legal obligation to pay debts
The most important decisions in a corporation are made by the
board of directors
A corporation can offer as many shares of stock as allowed by the
corporate charter
Almost all non-profit organizations
provide services rather than goods
Which type of cooperative sells merchandise to its members at reduced prices?
Museums, public schools, and YMCAs are all
exempt from paying income taxes
When one company combines with another company that supplies it with raw materials, it is called a:
When starting a sole proprietorship, it is necessary to:
a) to obtain a site permit, if not working out of home
b) to give clients 90 days notice prior to shutting down operations
c) to obtain a business license
d) to register a business name
a, c, d
Most large businesses are
What are the three types of partnerships?
Limited, limited liability, and general
A partnership is a business organization owned by
two or more individuals
The most common form of business organization is the
sole proprietorship
A disadvantage of a franchise is that the franchise owner must
sacrifice some freedom in return for the parent company’s guidance
In return for a fee to the franchiser, a business owner receives the right to
sell the franchiser’s goods and services
One major advantage of a sole proprietorship is that is that they are
not highly regulated by the government
In a limited partnership,
only one partner is required to be a general partner

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