True or False. Write TRUE if the statement is correct and FALSE if incorrect. _________ 1. Countries have the same laws that may ascribe different rights to the various business entities.
_________ 2. The goal of business is for sales to be more than expenditures resulting in a profit.
_________ 3. A grocery store is an example of a service business.
_________ 4. A cooperative is a business organization owned by a group of individuals and is operated for their mutual benefit.
_________ 5. Every business requires some form of investment and enough customers to whom its output can be sold on a consistent basis in order to make a profit.
_________ 6. Sole proprietorships are not ideal for high-risk businesses because they put your personal assets at risk.
_________ 7. The owners of a corporation have limited liability and the business has a separate legal personality from its owners.
_________ 8. The corporation has a life of its own and does not dissolve when ownership changes.
_________ 9. Limited liability companies (LLCs) are hybrid forms of business that have characteristics of both a corporation and a partnership. Multiple choice. Encircle the letter of the correct answer