Question 1

Match each item with the correct statement below.
-Property owned by a business.

Accepted Answer

Assets are the property or items of value owned by a business.

Question 2

Match each item with the correct statement below.
-Parties who have first claim against assets.

Accepted Answer

Creditors have the first claim against assets in the event of a company's liquidation or financial distress, as they are owed debts by the company.

Question 3

Match each item with the correct statement below.
-A statement of financial position.

Accepted Answer

A statement of financial position is another term for a balance sheet, which summarizes a company's assets, liabilities, and stockholders' equity at a specific point in time.

Question 4

Match each item with the correct statement below.
-Money owed by a business.

Accepted Answer

Liabilities represent the money owed by a business to creditors, which can include loans, accounts payable, mortgages, and any other financial obligations.

Question 5

Match each item with the correct statement below.
-Difference between assets and liabilities.

Accepted Answer

The answer of Match each item with the correct statement...

Question 6

Match each item with the correct statement below.
-An employee who is given funds and freedom to create a special unit or department within a company in order to develop a new product, process, or service.

Accepted Answer

An intrapreneur is an employee within a company who is given the autonomy and resources to create a new project or department, acting as an entrepreneur within the larger organization. This role involves innovation and the development of new ideas, products, or services while leveraging the company's existing resources and capabilities.

Question 7

Match each item with the correct statement below.
-Top executive who is hired to manage a business.

Accepted Answer

An officer is a top executive hired to manage a business.

Question 8

Match each item with the correct statement below.
-Corporation that does not offer its shares of stock for public sale.

Accepted Answer

A close corporation does not offer its shares of stock for public sale, distinguishing it from an open corporation which does.

Quiz 10: Managing the Form of Business Ownership

Match each item with the correct statement below. -Property owned by a business.

Match each item with the correct statement below. -Parties who have first claim against assets.

Match each item with the correct statement below. -A statement of financial position.

Match each item with the correct statement below. -Money owed by a business.

Match each item with the correct statement below. -Difference between assets and liabilities.

Match each item with the correct statement below. -An employee who is given funds and freedom to create a special unit or department within a company in order to develop a new product, process, or service.

Match each item with the correct statement below. -Top executive who is hired to manage a business.

Match each item with the correct statement below. -Corporation that does not offer its shares of stock for public sale.