Which of the Following Statements Regarding Family-Owned Businesses Is True

question 27

Multiple Choice

Which of the following statements regarding family-owned businesses is true?

• A)Only a small percentage of family-owned businesses survive into the second or third generation.
• B)Family-owned companies must submit a written agreement to the state in which it organizes.
• C)All family-owned companies must be closed corporations.
• D)Family-owned companies are an example of a not-for-profit corporation.

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Definitions:

Brown V. Board

A landmark 1954 U.S. Supreme Court case that declared state laws establishing separate public schools for Black and white students to be unconstitutional.

Supreme Court

The highest federal court in the United States, with ultimate appellate jurisdiction over all U.S. federal courts and state court cases involving issues of federal law.

Brown V. Board Of Education

A landmark 1954 U.S. Supreme Court decision that declared state laws establishing separate public schools for black and white students to be unconstitutional.

Confederate State

A state that was part of the Confederate States of America during the American Civil War, which seceded from the Union in an attempt to preserve slavery and states' rights.