Folkways Refer to

question 5

Multiple Choice

Folkways refer to

• A)standards by which people define what is desirable or undesirable,acceptable or unacceptable.
• B)culturally defined rules that outline appropriate behaviours for a society's members.
• C)informal norms that do not inspire severe moral condemnation.
• D)something that is formalized under the law.

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Definitions:

Ownership and Control

The legal rights to possess, use, and manage assets or property, and the ability to direct the operations and activities of an entity or resource.

Limited Liability

A legal structure that limits the financial liability of investors or owners to the amount they have invested in a company, protecting personal assets.

Transferability of Ownership

The capability to legally transfer the title or ownership of an asset or property from one entity to another.

Sole Proprietorship

A business structure in which a single individual owns and operates the business, bearing sole responsibility for its debts and obligations.