The Characteristics Below Apply to at Least One of the Forms

question 98

Essay

The characteristics below apply to at least one of the forms of business organization.
a. Is a separate legal entity.
b. Is allowed to be owned by one person only.
c. Partners or sole proprietors are personally liable for debts of the business.
d. Is a separately taxable entity.
e. Is a business entity.
f. May have a contract specifying the division of profits among the partners.
g. Has an unlimited life
Use the following format to indicate (with a "yes" or "no") whether or not a characteristic applies to each type of business organization. $$\begin{array} { | l | l | l | l | } \hline & \underline{\text { Proprietorthip }} &\underline{ \text { Partnership }} & \underline{\text { Corporation} } \\\hline \text { a. } & & & \\\hline \text { b. } & & & \\\hline \text { c. } & & & \\\hline \text { d } & & & \\\hline \text { e. } & & & \\\hline \text { f. } & & & \\\hline \text { g. } & & & \\\hline\end{array}$$

Understand the legal implication of contracts entered under conditions such as intoxication and how they affect the contract's enforceability.

Understand the concept of perceptual constancy and identify examples of shape and size constancy.

Comprehend and describe the process of differentiation in children's behavior as they mature.

Recognize and explain the significance of Eleanor Gibson's visual cliff experiment in understanding depth perception in infants.

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Definitions:

Initial Outlay

The initial investment amount or the upfront cost required to start a project or investment.

Sunk Cost

A cost associated with a project expended prior to making the decision to undertake that project (for example, the cost of research into the idea). Since sunk funds are already gone, they cannot alter future costs or benefits, and should not be included in the analysis leading to a decision.

Opportunity Cost

The benefit foregone by using an asset in a particular way. Usually the income or benefit it would produce in its next best use.

Cash Outflow

Money going out of a business or individual's account, typically to pay for expenses, investments, or acquisitions.