A Business Formed by Two or More Individuals or Entities

question 11

Multiple Choice

A business formed by two or more individuals or entities is called a(n) :

• A) Corporation.
• B) Sole proprietorship.
• C) Partnership.
• D) Closed receivership.
• E) Open structure.

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Definitions:

Stochastic Probability

Involves randomness and uncertainty, it is the probability approach used to model and predict outcomes in situations where exact outcomes are unpredictable.

Transitional Probability

Calculated as the proportion of employees, or the number of employees who have historically resided in a given employment state divided by the total number of employees in the job. The transitional probability of termination for a job that has 10 employees and historically has seen 2 leave every year is 2/10, or 20 percent.

Markov Model

A mathematical model that accounts for transitions from one state to another in a system, where the probability of each state depends only on the current state and not on the history of states.

HR Strategy

An organization’s approach to managing its human resources, designed to align HR practices with business objectives to gain a competitive advantage.