In which of the following types of business is there a separation between owners and the business itself?
Sole proprietorship
General partnership
Limited liability partnership
Senior partnership
Limited liability is an advantage of the
Proprietorship
Partnership
Sole tradership
Public company
The group elected by the shareholders that sets the basic policies for a business and appoints it's officers is a/an
Board of directors
Joint board of directors
Electioneering committee
Staffing committee
This type of business organization is an artificial being, invisible, intangible, BUT incorporated by law. This type of company can be described as a
Joint venture
Public limited company
The greatest disadvantage of the sole proprietorship is that..
It is not easy to terminate the business.
Government requirements for the start-up of the business are the same as those for a public company.
The owner may loose all personal assets in the event that the business fails.
The owner has no restrictions at all on any services or good he/she wishes to provide.
An entrepreneur, having invested large sums of money in a business enterprise can expect to receive.
Interest on his investment.
Salary or wages for his investment and efforts.
Profit on his investment.
Rent on his investment.
A system of exchange in which wealth is exchanged for wealth is called a..
Group exchange system.
Monetary system.
Financial exchange system.
Barter system.
Most Caribbean nations, in determining what to produce as well as how to produce, and for whom to produce goods and services have adopted the..
Command or planned economic system.
Mixed economic system.
Free market economic system.
Laissez-faire economic system.
All the following are functions of a business EXCEPT..
Provide profits to owners.
Encourage a reduction in employment.
Purchase raw materials from supplies.
Provide quality products to customers.
The major difference between the private sector and the public sector is..
The motive which directs each sector's activities.
Insignificant since they are both pursuing similar goals.
Of little importance to Caribbean nations.
The profit motive of the public sector.
