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ECONOMICS G9 > Q2 BUSINESS ORGANIZATIONS > Flashcards

Q2 BUSINESS ORGANIZATIONS Flashcards

1
Q

economic institutions that engage in production and any business endeavors to earn profit

A

business organizations

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2
Q

managed and owned by one individual

A

sole proprietorship

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3
Q

organization of two or more individuals who agree to put their money and properties together to put up a business or industry

A

partnership

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4
Q

kinds of partnership

A

limited and general

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5
Q

the ownership of the organization is shared by many individuals.

A

corporation

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6
Q

an organization in which the members own the stocks.

A

cooperative

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7
Q

the characteristics of sole proprietorship

A

one man entity

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8
Q

characteristics of partnership

A

built on mutual trust, limited partnership, general partnership

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9
Q

characteristic of corporation

A

open and closed corporations, stock and non-stock

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10
Q

characteristics of cooperative

A

pro-people democratic, service over profit

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11
Q

the registration of sole proprietorship

A

local government units

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12
Q

the registration of partnership

A

Securities and Exchange Commission

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13
Q

the registration of corporation

A

Securities and Exchange Commission

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14
Q

the registration of cooperative

A

Cooperatives Development Authority

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15
Q

examples of sole proprietorship

A

IKEA, Mars,

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16
Q

examples of partnership

A

Red Bull, GoPro

17
Q

examples of corporation

A

Apple, Amazon

18
Q

examples of cooperative

A

Ace hardware, Ocean spray

19
Q

advantages of sole proprietorship

A

simple to form and involve less legal documentation, the owner has complete ownership and control

20
Q

disadvantages of sole proprietorship

A

less financial and legal protection, higher self-employment taxes

21
Q

advantages of partnership

A

better work life balance, easy information flow

21
Q

disadvantages of partnership

A

shared liability, conflict between partners.

22
Q

advantages of corporation

A

Has a greater ability to acquire funds, Has a continuity of existence

23
Q

disadvantages of corporation

A

Costly, It is complicated

24
Q

advantages of cooperative

A

there are equal voting rights for members

25
Q

disadvantage of cooperative

A

legal limits on payments of dividends on shares may not suit an investor

ECONOMICS G9 (4 decks)

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