MGEA02H3 Lecture 6: Week 6 study guide

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lavenderdonkey6

1 Dec 2010

School

UTSC

Department

Economics for Management Studies

Course

MGEA02H3

Professor

Gordon Cleveland

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MGEA02H3 Full Course Notes

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Chapter 7 producers in the short run notes. General partners take part in the running of the business and are liable for all the firm"s debts. Although its ownership differs, the organization and legal status of a state-owned enterprise are similar to those of a corporation. In many cases, some goods or services are sold to consumers while others are provided free of charge. Non-profit firms therefore earn their revenues from a combination of sales and donations. N multinational enterprises (mnes) firms that have operations in more than one country. N in order to produce the goods or services that it sells, each firm needs inputs, which can be grouped into four broad categories: Inputs to the firm that are outputs from some other firm. Inputs that are provided directly by nature. Inputs that are provided directly by people.

Related Questions

Match Column A with Column B

1) Partnership	a) a business owned by one person who is personally liable for all losses
2) Proprietorship	b) An artificial being created by a state
3) Limited partnership	c) two or more persons combine their efforts for a single transaction
4) Corporation	d) created when shareholders elect to be treates as partners for tax purposes
5) legal capacity	e) created by an agreement between two or more persons who agree to share profits and losses
6) buy-and-sell agreement	f) provides for compensation to a deceased or withdrawing owner of a business in return for that owners interest.
7) Subchapter S corporation	g) the ability of an organization to sue or to own property
8) joint venture	h) exists when some partners are treated like shareholders for liability purposes
9) limited liability company	i) tax doctine that allows income to be taxed at the owner level, not the organization level
10) "pass through"	j) owners recieve limited liability and tax treatment as if they were a partnership without filing as a corporation.

27) Five students wish to start a new business called "Computers-B-Us." Each student is prepared to invest the same amount and wants to share equally in the profits and management, while limiting their liability. They would most likely start their business as a: a) b) private corporation public corporation sole proprietorship limited partnership general partnership

In order to create a new business: b) you must begin a sole proprietorship you may begin either a sole proprietorship or a partnership you may begin a sole proprietorship, a general partnership or a limited partnership you may begin a sole proprietorship, a partnership, or a corporation

MGEA02H3 Lecture 6: Week 6 study guide

MGEA02H3 Full Course Notes

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