Numerically, the Dominant Type of Business Enterprise in the United

question 105

Multiple Choice

Numerically, the dominant type of business enterprise in the United States is

• A) the corporation.
• B) the partnership.
• C) the proprietorship.
• D) the multinational corporation.

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Definitions:

Gross Profit

The difference between revenue and the cost of goods sold, indicating how efficiently a company produces goods or services.

Cost of Goods Sold

Represents the direct costs attributable to the production of the goods sold by a company, including the cost of the materials and labor directly used to create the product.

Ending Inventory

The total value of all inventory a company has in stock at the end of its fiscal period.

Beginning Inventory

The financial amount of goods up for sale at the start of an economic period.