BUS 200- Midterm Exam Guide - Comprehensive Notes for the exam ( 28 pages long!)
13 Oct 2017
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Chapter 6: business ownership options, sole proprietorship: the business is owned by a single individual. Limited partnership: allows some partners to limit their liability (one general partner-owns the entity- and at least one limited partner: corporation: the business is a separate legal entity from its owners (larger entities like. Advantage: divestitures: allows the firm to streamline their operations and focus, when less is more, to. Get rid of something (opposite of acquisition: spin-off: setting up the division or part of the business as a separate company **** **** assets = liabilities = owner"s equity **** Current assets = short term assets (cash, counts receivable=short term things people owe you, inventory: income statement: summarizes a firm"s operations (and the flow of income) over a period of time in terms of profit and loss. Expenses: the case the firm spends or other assets it uses to generate revenue.
