Homework Help for Business (page 4)
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Partnerships refer to more than one owner. A limited partnership ______________.
a) consists of general partners and limited partners, at least one of each
b) is a shadow firm for a much larger corporation. It is like a shell company to dispose of risky assets
c) is taxed similar to a corporation, whereas a general partnership is taxed like a sole proprietorship
d) is limited by the number of partners allowed. There can only be a total of 10 partners actively involved in the business
The difference between a company's strategy and a company's business model is that
A)a company's strategy is the plan for achieving strategic objectives while its business model is the plan for achieving financial objectives.
B)the strategy concerns how to compete successfully and the business model concerns how to operate efficiently.
C)a company's strategy is management's game plan for realizing the strategic vision whereas a company's business model is the game plan for accomplishing the business purpose or mission.
D)strategy relates broadly to a company's competitive moves and business approaches (regardless of the financial outcomes it produces) while the term business model relates to whether the revenues and costs flowing from the strategy demonstrate that the business is viable from a profit perspective.
E)a company's strategy concerns how to please customers while its business model concerns how to please shareholders
When externalities cause markets to be inefficient,
a. government action is always needed to solve the problem.
b. private solutions can be developed to solve the problem.
c. given enough time, externalities can be solved through normal market adjustments.
d. there is no way to eliminate the problem of externalities in a market.
Under the corporate form of business organization
a. ownership rights are easily transferred.
b. a stockholder is personally liable for the debts of the corporation.
c. stockholders' acts can bind the corporation even though the stockholders have not been appointed as agents of the corporation.
d. stockholders wishing to sell their corporation shares must get the approval of other stockholders
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