An Organization Is a

question 3

Multiple Choice

An organization is a

• A)stable,formal social structure that takes resources from the environment and processes them to produce outputs.
• B)formal,legal entity with internal rules and procedures that must abide by laws.
• C)a collection of people and other social elements.
• D)B and C
• E)A,B,and C

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Definitions:

Party

A person or entity involved in a legal transaction or case; can also refer to one side of a contractual agreement.

Notice of Lien

A legal document filed to indicate that a claim of ownership has been placed on a property due to unpaid debts.

Period of Time

A specific duration characterized by a starting point and an ending point.

Equity of Redemption

The right of a borrower to reclaim property that is subject to a mortgage by repaying the debt before the foreclosure sale.