The Simplest Form of a Business, in Which One Individual

question 87

Multiple Choice

The simplest form of a business, in which one individual owns the business, is entitled to any profits, and is personally liable for all debts or obligations, is known as:

• A)A partnership
• B)A professional corporation
• C)A sole proprietorship
• D)A business corporation

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Definitions:

Marketer

A professional involved in identifying market opportunities, developing strategies, and creating and implementing marketing plans to promote products or services.

Experience Curve

The concept that costs decline and efficiency improves as a company gains more experience in production and operations over time.

Cost Reductions

Cost reductions involve strategies and actions taken to lower the expense of operations or production in a business, aiming to increase profitability without compromising quality.

Exchange Rates

The value of one currency expressed in terms of another currency.