1.1 Describe the major types of business organizations 1) Many law and accounting firms are set up as partnerships. 2) Sears is an example of a sole proprietor. 3) Walmart is an example of a...

1.1 Describe the major types of business organizations

1) Many law and accounting firms are set up as partnerships.

2) Sears is an example of a sole proprietor.

3) Walmart is an example of a corporate merchandising business.

4) Which of the following types of organization would probably sell goods?

A) Merchandising operation

B) Service operation

C) Not-for-profit operation

D) Manufacturing operation

E) Business operation

5) Which of the following do NOT pay taxes through their individual owners?

A) Single ownership

B) Sole proprietorship

C) Partnership

D) Corporation

E) Private ownership

6) By definition, which type of organization has shareholders?

A) Partnerships

B) Sole proprietorships

C) Corporations

D) Limited liability companies

E) Private enterprise

7) Which of the following types of organizations would produce goods?

A) Merchandising operation

B) Service operation

C) Not-for-profit operation

D) Manufacturing operation

E) Government operation

8) Target would primarily be considered a:

A) manufacturing business.

B) merchandising business.

C) service business.

D) not-for-profit business.

E) private enterprise.

9) Which type of company is best described as a separate legal entity?

A) Limited liability company

B) Proprietorship

C) Corporation

D) Partnership

E) Not-for-profit

10) Given the information below, place an (SP) if the statement describes a sole proprietorship, a (P) if the statement describes a partnership, and a (C) if the statement describes a corporation.