Legal forms of business flashcards

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A physical establishment such as a factory, farm, mine, store, or warehouse that performs one or more functions in fabricating and distributing goods is called a A Plant
A group of firms that produce identical or similar products are called Industry
A business establishment that owns one or more plants is called a a firm
An industry is best defined as a group of firms that produce identical or similar products.
A firm that makes computer chips at several locations across the country best illustrates a multiplant firm
A firm comprised of plants or units operating in different industries, say, beer and theme parks, best illustrates a conglomerate
A firm that produces a single product but owns plants in many different stages of the production process-for example, a steel producer that owns iron ore mines and rolling mills-best illustrates a vertically integrated firm
A group of plants that is owned and operated by a single firm and that consists of oil fields, refineries, and gasoline stations best illustrates a vertically integrated firm
Which form of business enterprise accounts for the largest proportion of total output corporations
The three basic legal forms of business enterprise are proprietorship, partnerships, and corporations
The advantages of the corporate form of business include the ability to raise financial capital by selling stocks and bonds.
If a corporation goes bankrupt, what will the stockholders lose They will lose only the value of their stock
what is the major disadvantage of corporations dividends are taxed both as corporate income and as income to stockholders
The corporate form of business enterprise has promoted the development of large-scale business operations because corporations have been able to marshal large amounts of financial capital through the sale of stocks and bonds
what is an owner's liability for the debts of a business the owner's liability is unlimited in a partnership
what does a limited liability apply to all corporations
what does limited liability mean It means creditors have no legal claim on the personal assets of a corporate stockholder.
what are stocks They are shares of ownership of a corporation
what are corporate bonds They are promises by a corporation to repay a loan

A physical establishment such as a factory, farm, mine, store, or warehouse that performs one or more functions in fabricating and distributing goods is called a

A group of firms that produce identical or similar products are called

A business establishment that owns one or more plants is called a

An industry is best defined as a group of firms that

A firm that makes computer chips at several locations across the country best illustrates a

A firm comprised of plants or units operating in different industries, say, beer and theme parks, best illustrates a

A firm that produces a single product but owns plants in many different stages of the production process-for example, a steel producer that owns iron ore mines and rolling mills-best illustrates a

A group of plants that is owned and operated by a single firm and that consists of oil fields, refineries, and gasoline stations best illustrates a

Which form of business enterprise accounts for the largest proportion of total output

The three basic legal forms of business enterprise are

The advantages of the corporate form of business include

If a corporation goes bankrupt, what will the stockholders lose

what is the major disadvantage of corporations

The corporate form of business enterprise has promoted the development of large-scale business operations because

what is an owner's liability for the debts of a business

what does a limited liability apply to

what does limited liability mean

what are stocks

what are corporate bonds

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