Question

Businesses earn profits by converting financial, physical, and labor resources into goods and services that satisfy consumer demands. This statement is ____________.True / False.

Answer 1

Answer:

true                

Explanation:

Business refers to the practice of living or earning money through the production or acquisition of and selling of items (such as products and services). Simply stated, it's "any operation or organization engaged into for benefit. It doesn't say it's a firm, a corporation, a relationship, or any organized entity like that, but it can vary from a road huckster to General Motors.

Having a business name doesn't differentiate the corporate entity from the shareholder, which ensures that the business owners are responsible and accountable for the liabilities the corporation has accrued.

The word is also sometimes used to apply to a business colloquially. At the other side, a corporation is a completely separate entity that accounts for both personal liability and corporate taxes. A management structure is more complex and expensive to build but gives the investor greater security and advantages.