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AnnyKZ [126]
3 years ago
7

LO 2.1Identify the three primary classifications of businesses and explain the differences among the three.

Business
1 answer:
cricket20 [7]3 years ago
8 0

Three Primary Classifications of Businesses

We can classify businesses into following three types

1: Sole Proprietorship

2: Partnership

3: Corporation

Explanation of the Differences Among Them

Sole Proprietorship

It is also known as the sole ownership, it is run by one single person who works as the owner, this type does not fall under any legal entity title. It is most simplest form of business where one man, the owner bears all the profits, losses and responsibilities like local grocery corner shop etc.

Partnership

Here in partnership, there are two or more than two persons who open a businesses on profit and loss sharing basis which could be different as per their agreement. They all are equally responsible for the responsibilities and liabilities of that business.

Corporation

Corporation can defined as a legal entity which has nothing to do with owners, it is totally a separated being from its owners. It has its own liability, functions and rules. Corporation can sign any contract by its own even without interference from its owners. It has board of governors who basically run them independently. Walmart, Apple, Microsoft, Samsung, Nokia are the best examples of Corporation

Therefore, these are basic differences between these three primary types of businesses.

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Select the correct answer. Ashley is a finance executive. She has gathered all the data from different departments regarding the
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Answer:

Ashley is a finance executive. She has gathered all the data from different departments regarding the finances expended as well as earned in the process of selling a product. She needs to prepare an income statement. How should she start preparing the income statement?

show the sales revenue first

Explanation:

The sales revenue shown reflects the income accrued during the cause of sales and this comes first during income statement preparation

7 0
3 years ago
Neoclassical economists believe that economic growth can be achieved through the increase in the potential level of GDP. This ca
11111nata11111 [884]

Answer:

The correct answer is the option D: All of the above.

Explanation:

To begin with, the neoclassical theory of economic growth is considered to be one of the most well known and important theory in the economics sciences due to the fact that it establishes how the economy can grow and more important what are the key factors that need to be affect in order to that growth happens. Moreover, it states that a steady growth rate can be achieved only by the combination of three major factors that are: the labor, the capital and the technology. That is why that with the purpose to increase the GDP there will be a need in rise the productivity through an investment in human capital, in physical capital and in technology as well.

7 0
3 years ago
Cellular respiration is a complex process but you can think of it as a change machine. You have a $10 bill but, at the arcade, a
Oksana_A [137]

Answer:

Explanation: Cellular respiration is the process of breaking down sugar to give energy.  It can also be said to be the process of takes in food thereafter  using the food taken in it to create ATP (a chemical which the cell uses for energy).

This process starts when a glucose molecule(from consumed food) is converted into carbon dioxide and how its energy is harvested as ATP.

It involves 4 steps which are:

1. Glycolysis: Here, glucose undergoes a chemical transformation which at the end is converted to molecules of pyruvate.

2. Pyruvate Oxidation: At this step the pyruvate produced from glucose above is converted into a two-carbon molecule to Coenzyme A, known as acetyl CoA. Here carbon dioxide is produced as well.

3. Citric acid cycle: At this step, the acetyl CoA produced above combines with a four-carbon molecule and goes through a cycle of reactions. This reactions produces four carbon starting molecules which are: ATP, NADH, FADH 2 and carbon dioxide.

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​

7 0
3 years ago
Suppose a business takes out a $7,000, five-year loan at 6 percent that will be paid annually with a single, fixed payment each
Morgarella [4.7K]

Answer: $1,662

Explanation:

The question is asking for the annual payment that will result in a present value of $7,000 given 6% and 5 years. This payment is constant so is an annuity.

7,000 = Payment * Present value Interest factor of an Annuity, 6%, 5 periods)

7,000 = Payment * 4.212

Payment = 7,000/4.212

= $1,661.92

= $1,662

8 0
3 years ago
Between 2010 and 2020.
Arte-miy333 [17]

Answer:

decrease

Explanation:

i think so because less and less people are deciding to travel because of the deadly virus. People are preferring to stay at their homes. As less people will travel, many travel agents will lose their jobs.

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