TRUE or FALSE. Write True before the number if the statement tells the truth about the Forms and Economic roles Business Organization and write False if otherwise.
1. Single Proprietorship, partnership, and corporation are forms of business according to nature of
ownership
2. Single proprietorship is form of business that is easiest to set-up and hardest to be dissolved.
3. A partnership can only be dissolved if one of its partners dies or become insane.
4. Partnership just like sole proprietorship has a separate legal personality from its owners.
5. Shareholders of a corporation has unlimited liability, that means they may loose there personal
assets if a corporation incur debts or liabilities.
6. GUIMELCO is an example of a Merchandising Business because it has a product called electricity
7. Manufacturing Business is a form of business where raw materials are converted into new products
and sold to the market.
8. When you are a shareholder of a corporation and the corporation has paid its taxes you may opt to
not pay your individual tax.
9. Taxes are the lifeblood of the economy.
10. Business opportunities respond to customer demands by providing access to quality goods and
services.
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