When Two or More People Agree to Contribute Resources to Start

question 7

Multiple Choice

When two or more people agree to contribute resources to start and operate a business together, it is called a __________.

• A) partnership
• B) limited liability company
• C) sole proprietorship
• D) corporation

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Definitions:

Differential Revenue

The difference in revenue between two alternative decisions or courses of action.

Course of Action

A plan or strategy that an organization or individual intends to follow to achieve a specific goal.

Alternative

An option or choice that serves as a substitute to a decision or course of action.

Intermediate Product

Goods that are produced and used as inputs in the production of other goods, rather than being sold directly to consumers.