Under Which One of the Following Business Organizations Do the Owners

question 98

Multiple Choice

Under which one of the following business organizations do the owners have unlimited liability for all debts of the firm?

• A) partnership
• B) limited partnership
• C) corporation
• D) subchapter S corporation

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Definitions:

Economic Generalizations

Broad statements that apply to economic behavior or trends, often used to predict future economic outcomes.

Entrepreneur's Sole Function

The primary responsibility of an entrepreneur, often seen as identifying opportunities, allocating resources, and driving innovation and economic growth.

Marginal Analysis

An examination of the benefits and costs of one more unit of a product or activity to help make efficient allocation decisions.

Full Employment

This term refers to the condition where all available labor resources are being used in the most economically efficient way, with no involuntary unemployment.