1. What is business about? What do all businesses have in common? 2. What is an asset? Give three examples. 3. What is a liability? How does the definition of liability relate to the definition of...

1. What is business about? What do all businesses have in common?

2. What is an asset? Give three examples.

3. What is a liability? How does the definition of liability relate to the definition of asset?

4. Business entities are organized as one of three distinct forms. What are these three forms?