A Type of Business That Is Owned and Financially Controlled

question 170

Multiple Choice

A type of business that is owned and financially controlled by family members is known as an) __________.

• A)General partnership.
• B)Entrepreneurial hobby.
• C)Family business.
• D)Subchapter S corporation.
• E)Limited partnership.

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Definitions:

Fungible Good

Items that are interchangeable because they are of equal value or identical in important aspects.

Identifiable Good

A distinct item of personal property that can be recognized individually, as opposed to being a fungible part of a larger quantity.

Gift Irrevocable

A gift that, once given, cannot be taken back or annulled by the donor.

Inter Vivos

Latin for "between the living," refers to actions or gifts made during one's lifetime, as opposed to those made upon death.