ECON 110 Chapter Notes - Chapter 7: Limited Partnership, Retained Earnings, Nonprofit Organization
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28 Nov 2017
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Chapter 7 producers in the short run. General partners take part in the running of the business and the limited partners take no part in the running of the business: corporation firm regarded in law as having an identity on its own. Its owners are not personally responsible for anything that is done in the name of the firm. They earn their revenues by sales and donations. Multinational enterprises are firms that have operations in more than one country. A large amount of trade represents business transactions of mnes. It has an increasing role in the ongoing process of globalization. Many government agencies provide goods and services. The money a firm raises for carrying on it business is sometimes called financial capital. 2 types of financial capital are equity (funds provided by the owners) and debt (funds that are borrowed from creditors outside the firm). Profits that are paid out to shareholders are called dividends.
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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. |
Question 1: Answer the following MC questions...
a). | Samuel F.B. Morse patented the (5 points) | ||||||||
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b). | Your friend wants to open a clothing shop. A necessary capital resource is a (5 points) | ||||||||
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c). | Jessica is a violinist who believes she can extend her method of learning music to early childhood education. She opens a preschool in her hometown, using her expertise to form an arts-based program. What factor of production is this? (5 points) | ||||||||
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d). | Your friend hopes to expand her business to multiple locations. It would be best for her to create a (5 points) | ||||||||
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e). | Root and Vine is a gardening collective and local delivery service started by two friends. Their clientele has grown, and they want to expand. The owners like the idea of protecting their personal property, but they want to maintain control of the business. Which type of organization might best suit their growth? (5 points) | ||||||||
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f). | An oligopoly is a market for a good or service that (5 points) | ||||||||
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g). | The greatest goal in advertising is to convince us (5 points) | ||||||||
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h). | "Don't be like John, who had no health insurance when he needed emergency surgery. We make health insurance easy and affordable." This advertisement targets your (5 points) | ||||||||
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i). | Why do monopolies and oligarchies benefit producers over consumers? (5 points) | ||||||||
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