1 A) corporations, proprietorships, and stockholders B) partnerships, corporations, and dividends C) sole proprietorships, partnerships, and corporations D) partner proprietorships, corporations, and sole partnerships 2 A) A sole proprietorship is often difficult and complicated to start up. B) Revenue for a sole proprietorship is usually higher than that for a corporation. C) Sole proprietors share decision making with others. D) Profits from a sole proprietorship are only taxed once. 3 A) The owner is responsible for all the company's debts. B) The owner has limited credit. C) The corporation is dissolved when the owner dies. D) The company will fail if the owner does not have all the skills needed to run the business. 4 A) limited liability B) sole proprietorship C) corporation D) bank 5 A) The company continues even after one owner dies. B) There is limited liability for the founder C) Raising capital for startup is easier. D) Profits are taxed twice: at the corporate level and at the shareholder level. 6 A) over 500 employees B) double taxation C) a corporate charter D) stock certificates 7 A) cooperative B) car sharing C) nonprofit organization D) franchise 8 A) industry B) manufacturer C) processor D) producer 9 A) by a producer B) by a processor C) by an intermediary D) by a retailer 10 A) industries B) intermediaries C) wholesalers D) retailers 11 A) They buy and sell goods. B) They store goods for long periods of time. C) They ship goods. D) They divide up goods into smaller lots. 12 A) intermediary B) retail C) service D) wholesale 13 A) production B) marketing C) finance D) accounting 14 A) procurement B) management C) finance D) accounting 15 A) Improving production efficiency and increasing profits. B) Monitoring the interdependence of functional areas of the business. C) Making future decisions by analyzing financial statements. D) Achieving goals by planning, controlling, and evaluating the effective use of resources.
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