Which of the following is not a major category of business structure?
B) Public agency
D) Sole proprietorship
A business can be structured in a variety of ways. The chosen structure largely depends on the number of owners and how the business will distribute earnings to those owners.
- Liability: A legal term for responsibility for risky situations. But also can be used in accounting to describe financial obligations facing the firm.
- Assets: An accounting term for financial property owned by the firm.
- Entrepreneur: A person or persons who combine resources into a new business.
- Owner's Equity: The value of the business that his held by the owners of the firm.
Answer and Explanation:
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fromChapter 3 / Lesson 5
Learn about business organization structure and understand how it works. Study business entity examples and see the types of business organizational structures.