Which One of the Following Statements Is Correct

question 8

Multiple Choice

Which one of the following statements is correct?

• A)A general partnership is legally the same as a corporation.
• B)Both sole proprietorship and partnership income is taxed as individual income.
• C)Partnerships are the most complicated type of business to form.
• D)All business organizations have bylaws.
• E)Only firms organized as sole proprietorships have limited lives.

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Definitions:

Social Trends

Refers to the general direction in which society is moving, often influenced by cultural, economic, and technological changes.

Practical Intelligence

The ability to solve everyday problems by utilizing knowledge gained from experience.

Long-Term Outlook

A perspective or plan that focuses on future outcomes or results over an extended period.

Future Orientation

Future orientation is a mindset or cultural value that emphasizes planning, foresight, and consideration for future consequences in decision-making.