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Econ chapter 7

This is a review over chapter 7 of the Third edition economy textbook

QuestionAnswer
Most significant decisions an entrepreneur makes when starting a business Which type of business ownership will they have?
Sole proprietorship A business firm that has one owner.
What are the advantages of a sole proprietorship? Freedom to enter and exit the market easily; freedom from outside control; Freedom to retain information; Freedom from paying excessive taxes; freedom from being an employee.
What are the disadvantages of sole proprietorships? Unlimited personal financial liability; limited management and employee skills;limited life; limited availability of money
Partnership; general partnership A business enterprise with two or more persons as the owners.
What are the advantages of partnerships? Greater management skills; greater retention of competent employees; greater sources of financing; Ease of formation and freedom to manage.
What are the disadvantages of partnerships? Unlimited personal financial liability; uncertain life; conflicts between partners
Corporation Is created by incorporating a business, legally declaring that the business is its own organization, independent of and seperate from the owners.
What are the advantages of corrporations? Limited personal financial liability of stockholders; experienced management and specialized employees; continuous life; ease in raising financial capital.
What are the disadvantages of corporations? Higher taxes; greater governmental regulation; lack of secrecy; impersonality.
James Cash Penney Followed his own penny principles in order to be a successful entrepreneurs.
Surety the act of becoming security for or pledging to undertake another's debt
Corporate organizational structure: stockholders; board of directors; president (CEO); senior vice presidents; middle managers; line managers (foremen); employees
What does 2 Corinthians 6:14 have to do with economics? It describes how a partnership business will not work out if the people involved in the partnership business do not have the same worldviews.
What is a Limited liability company (LLC)? A form of business organization that combines the benefits of a corporation with those of a partnership.
Subchapter S corporation A business that may incorporate as this if it has fewer than thirty five shareholders and abides but certain restrictions regarding types of stock.
Created by: hihello2007
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