Examlex
The characteristics below apply to at least one of the forms of business organization.
a. Is a separate legal entity.
b. Is allowed to be owned by one person only.
c. Owner or owners are personally liable for debts of the business.
d. Is a taxable entity.
e. Is a business entity.
f. May have a contract specifying the division of profits among the owners.
g. Has an unlimited life
Use the following format to indicate (with a "yes" or "no") whether or not a characteristic applies to each type of business organization.
Heuristic
A general problem-solving approach or strategy that isn't guaranteed to be optimal but is practical and sufficient for reaching a near-term goal.
Bounded Rationality
A concept in decision-making theory that suggests individuals make decisions based on the limited information available to them and within the constraints of their mental capacity.
Rule of Reciprocity
A social norm that suggests individuals respond to positive actions with other positive actions, fostering mutual benefit.
FMOT
The "First Moment of Truth," a marketing term referring to the first interaction between a customer and a product on the store shelf or online, crucial for making a good impression.
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