Charles and Ellen,an Unmarried Couple,run an Ice Cream Store

question 17

Multiple Choice

Charles and Ellen,an unmarried couple,run an ice cream store.The business is not incorporated,and they have filed no formation papers with the state.Their business is a

• A)sole proprietorship.
• B)partnership.
• C)franchise.
• D)limited liability company.

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Definitions:

Client Confidentiality

The ethical obligation of professionals to keep information related to their clients secure and private.

Confidential Information

Sensitive data or details that are restricted to certain individuals to protect privacy or competitive advantage.

Marginal Utility

The change in utility an individual gains from consuming an additional unit of a good or service.

Rate Of Substitution

The rate at which a consumer can replace one good with another while maintaining the same level of utility.