Which of the Following Forms of Ownership Holds the Business

question 88

Multiple Choice

Which of the following forms of ownership holds the business owner personally liable for business debts and claims?

• A) Sole proprietorship
• B) Corporation
• C) Limited liability partnership
• D) General partnership
• E) Limited liability corporation

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Definitions:

Utility Function

A representation in economics of how a consumer ranks different goods or bundles of goods.

Interest Rate

The proportion of a loan charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.

Consumption

The act of using goods and services for personal use, satisfaction, or to fulfill needs, playing a crucial role in economic theories concerning demand and spending.

Utility Function

A mathematical representation that ranks an individual's preferences over a set of goods and services, showing the level of satisfaction or utility those goods or services provide.