Administrative Agencies Operate Only at the Federal Level

question 55

True/False

Administrative agencies operate only at the federal level.

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Definitions:

Sole Proprietorship

The simplest form of business organization, in which the owner is the business. The owner reports business income on his or her personal income tax return and is legally responsible for all debts and obligations incurred by the business.

Repayment Plan

An arrangement made to pay back a loan or debt in installments over a specified period.

Liquidation

The process of bringing a business to an end and distributing its assets to claimants.

Reorganization

Involves restructuring the legal, ownership, operational, or other structures of a company to make it more profitable or better organized for its present needs.