A Voluntary Association of Two or More People Acting as Co-Owners

question 126

Multiple Choice

A voluntary association of two or more people acting as co-owners of a business is known as a

• A) partnership.
• B) corporation.
• C) sole proprietorship.
• D) conglomerate.
• E) syndicate.

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Definitions:

New Tax

A fiscal policy instrument where the government imposes charges on individuals or businesses to raise revenue or to influence behavior.

Public Interest

The welfare or well-being of the general public and society as a whole, often considered in policy-making and legal contexts.

Non-Competitive Market

A market situation where individual sellers have significant control over prices and market share, reducing the influence of consumer choice.

Competitive Market

A market structure characterized by many buyers and sellers, free entry and exit, and a product for which every seller’s offering is identical.