The Four Levels of Authority Are

question 97

Multiple Choice

The four levels of authority are:

• A) the authority to inform, the authority to recommend, the authority to record, and full authority.
• B) the authority to inform, the authority to recommend, the authority to report, and autonomy.
• C) the authority to inform, the authority to recommend, the authority to record, and autonomy.
• D) the authority to inform, the authority to recommend, the authority to report, and full authority.

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Definitions:

Partnerships

A business organization in which two or more individuals own and operate the business together, sharing in profits and liabilities.

Corporations

Legal entities that are separate from their owners, with the ability to own property, incur liabilities, and sell stock.

Corporation

A business firm that is a legal person. Its chief advantage is that each owner’s liability is limited to the amount of money he or she invested in the company.

Stockholders

Individuals or entities that own shares in a corporation, possessing ownership interests and rights to dividends.