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BUS 100 Exam 1 (Ch.1 - 6) || with A+ Guaranteed Solutions.
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LLC (Limited Liability Company) correct answers limited liability and taxation like a partnership S-corp correct answers eliminates double taxation and retains limited liability benefit, popular with entrepreneurs C-corp correct answers binded together to recap benefits of belonging to larger...

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  • August 2, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
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  • llc limited liability company

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BUS 100 Exam 1 (Ch.1 - 6) || with A+ Guaranteed Solutions.
LLC (Limited Liability Company) correct answers limited liability and taxation like a partnership
S-corp correct answers eliminates double taxation and retains limited liability benefit, popular with entrepreneurs
C-corp correct answers binded together to recap benefits of belonging to larger org
Joint-venture correct answers used for ventures that call for large investments
Sole Proprietorship correct answers owned and operated by one individual. Owner keeps all profits, taxed at individual rates, be dissolved easily, unlimited liability, and higher tax rate
Partnership correct answers two or more persons as co-workers. Availability of capital + credit, unlimited liability and don't pay taxes but file a tax return
General Partnership correct answers each partner has unlimited liability for debts
Limited Partnership correct answers risky investment projects where chance of loss is great. Do not share management but share profits
Public Corporation correct answers anyone may buy, sell, or trade stock.
Private Corporation correct answers owned by just one or a few people, no stock sold to public, not required to disclose financial information to the public
Functions of Management correct answers planning, organizing, directing, controlling
Oligopoly correct answers few businesses selling a product where the business controls the price
Monopoly correct answers utility companies government permits due to cost of supplying service
Pure correct answers prices determined solely by supply and demand
Monopolistic competition correct answers businesses have some power over price due to marketing
Factors of production correct answers the inputs needed for the creation of a good or service, these include land, land, entrepreneurship, and capital
Tangible Products correct answers a physical object that can be touched
intangible Products correct answers can only be perceived indirectly

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