A Business Which Is Owned by Two or More People

question 36

Multiple Choice

A business which is owned by two or more people is called a

• A) proprietorship.
• B) partnership.
• C) corporation.
• D) none of the above.

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Definitions:

Shoe Department

A specialized division within a retail store or company dedicated to the sale and promotion of footwear.

Fixed Manufacturing Cost

Costs that do not vary with the level of production output, such as rent, salaries, and insurance, which are necessary for the production process but remain constant regardless of the units produced.

Units Produced

The total number of units of product completed in a given period by a company.

Contribution Margin

The amount remaining from sales revenue after variable expenses are deducted, contributing to covering fixed costs and generating profit.