A proprietorship is
A. a business owned by one individual that employs 10 or fewer workers, and has been in business less than 15 years.
B. a form of business in which the stock of the company is closely held by members of one family.
C. a business owned by one individual who receives the profits and is legally responsible for the debts of the firm.
D. a business with annual sales of less than $50,000 a year.
Answer: C
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A rancher raises shee
A) only the raw wool and the yarn. B) only the yarn and the sweaters. C) the raw wool, the yarn and the sweaters. D) only the sweaters.
Refer to Figure 18-5. The middle 20 percent of households
A) earn 20 percent of the society's total income. B) earn 36 percent of the society's total income. C) earn 48 percent of the society's total income. D) earn 50 percent of the society's total income.
This figure shows the payoffs involved when Sarah and Joe work on a school project together for a single grade. They both will enjoy a higher grade when more effort is put into the project, but they also get pleasure from goofing off and not working on the project. The payoffs can be thought of as the utility each would get from the effort they individually put forth and the grade they jointly receive.The outcome of the game in the figure shown will be:
A. Joe and Sarah both put forth low effort. B. Joe puts forth high effort and Sarah puts forth low effort. C. Joe and Sarah both put forth high effort. D. Joe puts forth low effort and Sarah puts forth high effort.
The crude quantity theory of money and the sophisticated quantity theory of money are approximately similar
A. in times of deflation. B. in times of high unemployment. C. in times of full employment. D. in no set of circumstances.