Exam 5: Small Business and Forms of Business Ownership

Breaking up a partnership is more complicated than dissolving a sole proprietorship.

Describe how small businesses help create new jobs.

Which of the following statements is true regarding employee-owned corporations?

___________ must verify in writing the accuracy of their corporation's financial statements.

If Smith Steel buys Kennedy Iron Ore to assure itself of a constant flow of ore,this is an example of a ________.

Joint ventures are not ideal for international companies due to logistics and conflicting business laws.

Twenty-first century innovations developed by small businesses include social networking sites and green energy industries.

Certain functions,such as municipal water supply,are considered to be so important to public welfare that they are not entrusted to private ownership.

Small businesses that provide ________ have experienced the greatest increase in new jobs.

A small business fails in the management sense when ________.

Although the average farm size has increased in recent years the majority of farmers operate as ________ businesses.

Fifty-six percent of all U.S.companies are considered small businesses.

Explain how small businesses create new industries.

When the Small Business Administration (SBA)assists a small business in applying for a major loan,it acts as the lender's ________.

In a partnership,each partner is liable for the business-related debts of the other partners.

Describe three primary reasons a small business might fail.

Securing adequate financing is a major problem for most small businesses.

Which government agency establishes standards for small businesses?

The Hewlett Packard purchase of Compaq is an example of a conglomerate merger.

Not-for-profit corporations do not issue stock certificates and are exempt from paying income taxes.