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Ch. 8-Business Types

Business types

QuestionAnswer
A business that is owned by one individual who makes all the business decisions and is legally responsible for the debts of the firm is a ________________________________ . sole proprietorship
When a business owner faces ______________________ , his or her personal assets may be used to pay the debts of the firm. unlimited liability
A _____________ is owned by its shareholders. corporation
A firm’s ____________________ include everything of value to which the firm has legal claim. assets
A _____________________ is a statement of debt issued by a corporation. bond
A __________________________ is a contract by which a firm lets a person or group use its name and sells its goods in exchange for certain payments being made and certain requirements being met. franchise
Expenses that change with the number of units of a good produced are called ____________________________ . variable costs
In deciding how many units of a product to produce and sell, firms compare _____________ and ______________. marginal benefit and marginal cost
The objective of a business firm is to maximize _________________ . profit
An entrepreneur is an individual who ______ assumes the risks of starting and running a business.
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