MIE 201 Exam 2: Chapters 4, 5, 8 Makanui NCSU fully solved graded A+ 2023/2024

MIE 201 Exam 2: Chapters 4, 5, 8 Makanui NCSU 3 types of business ownership - correct answer - sole proprietorship - partnership - corporation sole proprietorships - correct answer - businesses owned by one individual - the most common form of business organization in the United States - easiest and least expensive form of business to start - ex: tutoring/bookkeeping/landscaping etc... sole proprietorship advantages - correct answer - simplicity - single layer of taxation - taxed at individual rates - privacy - flexibility and control - personal satisfaction - fewer limitations on personal income -complete ownership of the profits sole proprietorship disadvantages - correct answer - unlimited liability - finite life span - resource limitations - limited managerial experience - demands on owner - no employee benefits for the owner -lack of qualified employees (can't match wage demands)