Entrepreneurship

question 88

Multiple Choice

Entrepreneurship

• A)Always involves greater rewards than risks.
• B)Can result in economic losses.
• C)Cannot earn an economic profit.
• D)Occurs in small businesses,but not large corporations.

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Definitions:

Common Law

A legal system based on precedents and judicial decisions rather than statutory laws.

Lessee

An individual or entity who leases an asset from another, the lessor, under the terms of a lease agreement.

Possession and Use

The act of holding property and utilizing it, which may imply certain rights or obligations under the law.

Lease

A contract by which one party conveys land, property, services, or the use of assets to another party for a specified time, usually in return for a periodic payment.