John and his brother Jack started a produce farm 20 years ago and are thinking about retirement. Over time, their children have worked at the farm and so the cousins have started talking about taking over management. At present, this produce farm is an example of a(n)

Question

Quizplus · Accepted Answer

The key phrase that identifies the type of business is "John and his brother Jack started a produce farm." This indicates it is owned by two individuals who are managing the business, making it an owner-managed business. The fact that their children are interested in taking over management does not change the overall structure of the business. Therefore, A, B, and D are all incorrect.

John and His Brother Jack Started a Produce Farm 20