A Corporation Is

question 156

Multiple Choice

A corporation is:

• A)A business legally separate from its owners.
• B)Controlled by the FASB.
• C)Not responsible for its own acts and own debts.
• D)The same as a limited liability partnership.
• E)Not subject to double taxation.

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Definitions:

Complex Product

A product that is made up of various components and possibly involves intricate processes in its manufacture or usage.

Assembly Line

A manufacturing process in which parts are added to a product in a sequential manner to create a finished product much faster than with handcrafting-type methods.

Resources

The inputs, or factors of production, used to produce the goods and services that people want; resources consist of labor, capital, natural resources, and entrepreneurial ability.

Goods

Physical items that are produced and can be bought, sold, or traded, fulfilling consumer needs or desires.