Test Bank For Business Ethics Ethical Decision Making and Cases, 13th Edition By O. C. Ferrell, John Fraedrich, Ferrell 2024.
Test Bank For Business Ethics Ethical Decision Making and Cases, 13th Edition By O. C. Ferrell, John Fraedrich, Ferrell ISBN-9780357513361
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TEST BANK For Business Ethics Ethical Decision Making
and Cases, 13th Edition By O. C. Ferrell, John Fraedrich
Explain the following terms?
Sole proprietorship - ANSWER: Unincorporated business owned by one person with
total control and unlimited personal liability
General partnership (GP) - ANSWER: Unincorporated business owned by two or
more with equal control and unlimited personal liability
Limited partnership (LP) - ANSWER: Incorporated business with at least one general
partner and one limited partner, requiring state filings
Limited liability partnership (LLP) - ANSWER: Business where all partners assume
liability, requiring state filings and no separate legal entity
Corporation - ANSWER: State-sanctioned business with separate legal identity,
limited liability for shareholders, and double taxation
Limited liability company (LLC) - ANSWER: Hybrid organization with limited liability of
a corporation and partnership tax treatment
Joint venture (JV) - ANSWER: Business relationship for a specific undertaking
between two or more entities
Franchise - ANSWER: Business model where an individual operates under the name
of a larger company
S corporation - ANSWER: Business taxed like a partnership, limited to 100
shareholders, and must meet specific requirements
Sole proprietorship Advantages - ANSWER: Easy startup, total control, and owner
retains all profits
General partnership Disadvantages - ANSWER: Joint and several liability for all
debts/obligations, including those created by partners
Corporation Advantages - ANSWER: Separation of ownership and control, limited
liability, and easy fundraising through stock
Limited liability company Taxation - ANSWER: Owners pay personal income taxes on
shares received, with no limitation on the number of owners
Corporation Control Considerations - ANSWER: Separation of ownership and control,
with the board of directors hiring officers for operations
, Limited partnership Liability - ANSWER: General partner has unlimited personal
liability, while limited partner's liability is limited to capital contributions
Limited liability partnership Liability - ANSWER: Partners assume liability for business
and each other, limited to partnership assets, with negligence exceptions
Limited liability company Creation - ANSWER: Formed under state law by filing
articles of incorporation, with no requirement for a written operating agreement
Sole proprietorship Lifetime - ANSWER: Limited to life of proprietor, nontransferable,
and dissolution upon death or decision to close
General partnership Transferability of Ownership Interest - ANSWER:
Nontransferable, dissolution upon partner's death or mutual agreement
Corporation Dissolution - ANSWER: Not dissolved by shareholder death, requires
extensive legal procedures and shareholder approval
Joint venture - ANSWER: Business relationship for specific undertaking between two
or more entities
Antitrust Scrutiny - ANSWER: Examination and regulation when competitors
collaborate for specific goals
Franchisor - ANSWER: Owner of trade name or trademark
Franchisee - ANSWER: Sells goods/services under franchisor's trade name
Chain-style Business Operation - ANSWER: Franchise operates under franchisor's
name and standards
Distributorship - ANSWER: Franchisor licenses dealer to sell in exclusive territory
Manufacturing Arrangement - ANSWER: Franchisor provides technical knowledge
and license to manufacture products
Trademark - ANSWER: Distinctive mark used to identify a product with its producer
Trade Dress - ANSWER: Overall appearance and image of a product
Copyright - ANSWER: Protects fixed form of expression of an original creative idea
Fair-Use Doctrine - ANSWER: Allows reproduction of copyrighted work for specific
purposes
No Electronic Theft Act - ANSWER: Prohibits infringing copyrights for financial gain
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