51) A business is formed to provide goods or services for the purpose of making a profit for its owner or owners.
52) A sole proprietorship is a company with a single owner.
53) A corporation must be owned by two or more people.
54) Profit is the difference between sales and revenues.
55) Profit is the difference between revenues and expenses.
56) The Internal Revenue Service (IRS) is the governmental agency that monitors the stock market and the financial reporting of publicly held companies.
57) The Securities and Exchange Commission (SEC) is the governmental agency that monitors the stock market and the financial reporting of publicly held companies.
58) The main purpose of a not-for-profit business is to add value to a product or service in order to make a profit.
59) Wal-Mart is an example of a merchandising corporation.
60) Wal-Mart is an example of a service corporation.
61) A sole proprietorship has more than one owner.