Which of the Following Legal Forms of Business Is Owned

question 35

Multiple Choice

Which of the following legal forms of business is owned and usually operated by a single person who is responsible for its debts?

• A) Cartel
• B) Corporation
• C) General partnership
• D) Sole proprietorship
• E) Limited partnership

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Definitions:

Finished Goods

Items are completed and ready for sale following a production process.

Cost Of Goods Manufactured

Represents the total cost incurred to produce products and get them ready for sale, including materials, labor, and overhead costs incurred in the manufacturing process.

Product Costs

The costs directly associated with the production of goods, including raw materials, labor, and manufacturing overhead.

Outdoor Furniture

Items designed for use outside the home, such as in gardens, patios, or by pool sides, typically made from weather-resistant materials.