BUSINESS 10-DeAnza College

05 Key 1. (p. 114) The corporation is the most common form of business ownership. FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: 05-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter 05 #1 Topic: Basic Forms of Business Ownership 2. (p. 114) The three major forms of business ownership in the U.S. are sole proprietorships, partnerships, and corporations. TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: 05-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter 05 #2 Topic: Basic Forms of Business Ownership 3. (p. 114) Few people today start their own business. FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: 05-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter 05 #3 Topic: Basic Forms of Business Ownership 1 4. (p. 115) Once a business is established, it's almost impossible to change from one form of business ownership to another. FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: 05-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter 05 #4 Topic: Basic Forms of Business Ownership 5. (p. 114) When two or more people legally agree to become co-owners of a business, the form of business is called a partnership. TRUE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: 05-1 Level of Learning 1: Knowledge of key terms Nickels - Chapter 05 #5 Topic: Basic Forms of Business Ownership 6. (p. 114) A legal entity with authority to act and have liability separate from its owners is called a partnership. FALSE AACSB: Reflective Thinking Blooms: Knowledge Learning Goal: 05-1 Level of Learning 1: Knowledge of key terms Nickels ...

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