A Business That Is Not a Legal Entity, Where There

question 22

Multiple Choice

A business that is not a legal entity, where there is one owner who is fully liable for all debts, is:

• A)a proprietary company.
• B)a partnership.
• C)a sole proprietorship.
• D)none of the above.

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Definitions:

Value Loss

The decrease in worth or utility of an asset or commodity, often due to changes in market demand, deterioration, or obsolescence.

Gift

An item given to someone without the expectation of payment or anything in return.

Water and Diamond Paradox

A classic economic paradox questioning why diamonds are more expensive than water, despite water being essential for survival and diamonds not.

Product Usefulness

The degree to which a consumer believes a product will be able to satisfy their needs, goals, and desires through its features and performance.