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Exam 4: Choosing a Form of Business Ownership

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Question 51

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Why do farmers join cooperatives?

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Farmers join cooperatives for a variety ...

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Question 52

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Samantha's Dilemma Samantha graduated from college and needed to decide where she wanted to work.She had several options.Her aunt Julie owned and operated a small business that she started about twenty years ago.Julie, an individual owner of her business, informed Samantha that she could work for her.On one hand, Samantha thought it would be a great opportunity to be able to work for her aunt, learn the business, and then run the business when her aunt retired.On the other hand, she also felt that she wanted something a little more challenging; a job where she could really use her education.Her other option would be to work for a company that a friend and her husband had started and jointly owned.It was a rapidly growing company with plenty of opportunity for advancement.However, Samantha had some reservations about this choice because she was not sure she wanted to work for friends.Her last option was to work for a large retail company, headquartered in Maryland, which had stores across the United States. After much consideration, Samantha decided she didn't want an opportunity and a job because someone knew her.She wanted to prove how motivated and hard-working she was.Once she weighed all the advantages and disadvantages of her different options, she decided to work for the large retail company so that she could gain the most experience for herself. -Refer to Samantha's Dilemma.If Samantha worked for the large retail company in Philadelphia, what type of corporation would that be?

A) foreign
B) alien
C) international
D) domestic
E) global

F) B) and C)
G) A) and E)

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Question 53

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Describe the ownership, operation, and size of a sole proprietorship.

Samantha's Dilemma Samantha graduated from college and needed to decide where she wanted to work.She had several options.Her aunt Julie owned and operated a small business that she started about twenty years ago.Julie, an individual owner of her business, informed Samantha that she could work for her.On one hand, Samantha thought it would be a great opportunity to be able to work for her aunt, learn the business, and then run the business when her aunt retired.On the other hand, she also felt that she wanted something a little more challenging; a job where she could really use her education.Her other option would be to work for a company that a friend and her husband had started and jointly owned.It was a rapidly growing company with plenty of opportunity for advancement.However, Samantha had some reservations about this choice because she was not sure she wanted to work for friends.Her last option was to work for a large retail company, headquartered in Maryland, which had stores across the United States. After much consideration, Samantha decided she didn't want an opportunity and a job because someone knew her.She wanted to prove how motivated and hard-working she was.Once she weighed all the advantages and disadvantages of her different options, she decided to work for the large retail company so that she could gain the most experience for herself. -Refer to Samantha's Dilemma.What would not be an advantage of Samantha's aunt's business?

When compared to partnerships and corporations, sole proprietorships account for ____ percent of total sales.

Suppose Bill Gates, founder of Microsoft, is interested in a small software company.He may offer to purchase the stock of this company at a price that is just high enough to tempt the current stockholders.This action would be called a _____.

What is the primary disadvantage of both, a sole proprietorship and a partnership that a corporation overcomes?

Kim, Sandra, Jerry, and Wilma belong to a business that buys groceries in bulk, then distributes them to members.This type of business is called a _____.

To gain access to one another's markets, several U.S.and Japanese automobile manufacturers (for example, DaimlerChrysler and Mitsubishi) are engaging in temporary alliances to manufacture and market certain models of cars.These types of partnerships are known as _____.

Which of the following is an advantage of the corporate form of organization?

What is the significance of the name preferred stock?

As a limited partner in a construction business, Joe

All of the following are disadvantages of corporations except _____.

An S-corporation can have no more than twenty stockholders.

When starting a corporation, people submit articles of incorporation to

How do management tasks differ for a general partner and a limited partner?

According to experts which of the following is likely to become one of the most popular types of business organizations?

All of the following are disadvantages that Sean should consider before entering a partnership agreement with his cousin except

The purchase of one corporation by another is called a merger.

The simplest form of business owned and operated by one person is called a(n) _____.