Public finance Correct Answer-Countries, states, central banks
- Government budgets, bonds
Treasurer Correct Answer-oversees cash management, credit
management, capital expenditures, and financial planning
controller Correct Answer-oversees taxes, cost accounting, financial
accounting and data processing
Three major forms of business Correct Answer-sole proprietorship,
partnership, corporation
Advantages of Sole Proprietorship Correct Answer-Easiest to start
Least regulated
Single owner keeps all the profits
Taxed once as personal income
, Sole Proprietorship Correct Answer-A business owned by one person
Disadvantages of Sole Proprietorship Correct Answer--Limited to life of
owner
-Equity capital limited to owner's personal wealth
-Unlimited liability
-Difficult to sell ownership interest
Partnership Correct Answer-A business in which two or more persons
combine their assets and skills
Advantages of a Partnership Correct Answer--2 or more owners
- More capital available
- relatively easy to start
- Income Taxed once as personal income
Disadvantages of a Partnership Correct Answer-Unlimited liability
• General partnership
• Limited partnership
Partnership dissolves
when one partner
dies or wishes to sell
Difficult to transfer
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