Question

1. Choose the term that best fits the statement. (Use each term only once.)

   -A.B.C.D.E.F.G.H.I.J.K.L.M.N.O. The ___________ form of business ownership often creates conflicts. -A.B.C.D.E.F.G.H.I.J.K.L.M.N.O. The _________________ joined the United States with its first-and second-largest trading partners, Canada and Mexico. -A.B.C.D.E.F.G.H.I.J.K.L.M.N.O. ___________________ limit choices for consumers but have not effect on the prices charged for the products. -A.B.C.D.E.F.G.H.I.J.K.L.M.N.O. A _______ is an artificial entity created by law. -A.B.C.D.E.F.G.H.I.J.K.L.M.N.O. Powerful successor to GATT that incorporates trade in goods, services, and ideas. -A.B.C.D.E.F.G.H.I.J.K.L.M.N.O. The model of social responsibility that business should emphasize not only profits but also the impact of its decisions on society. -A.B.C.D.E.F.G.H.I.J.K.L.M.N.O. A ___________________is independently owned, operated for profit, and non dominant it is field. -A.B.C.D.E.F.G.H.I.J.K.L.M.N.O. A nontax measure imposed by a government to favor domestic over foreign suppliers is known as __________________. -A.B.C.D.E.F.G.H.I.J.K.L.M.N.O. A corporation chartered by a foreign government and conducting business in the United States is known as a(n) __________________. -A.B.C.D.E.F.G.H.I.J.K.L.M.N.O. A legal concept that holds a business owner personally responsible for all the debts of the business is called ________________________.

   A. Trade restrictions B. Corporation C. North American Trade Agreement D. Balance of Trade E. Partnership F. World Trade Organization G. Economic Model H. Socio Economic Model I. small business J. non tariff barrier K. alien corporation L. unlimited liability M. sole proprietorship N. tariff O. foreign corporation

Answer 1

a) The Partnership form of business ownership often creates conflicts.

E. Partnership because a business involving patnership ownership creates more conflicts as there occur some kind of disagreement in their words relating to business decisions.

b) The North American trade agreement joined the united states with its first and second largest trading partners, Canada and Mexio.

C. North American trade agreement as it was an agreement signed by Canada and Mexico with united states in order to create a trilateral form of trade among the three countries.

c) Small business limits choices for consumers but have not effect on the prices charged for the products.

I. Small business because for any form of small business compared to large scale business they provide only less choice to consumers due to small scale activities and limited resources and technologies but they won't provide any effect on the prices being charged for each products.

d) A corporation is an artificial entity created by law.

B. Corporation. A corporation or a company is an artificial entity which is being creatd by the law. The law see a corparation as a legal person which exists independently with all the legal rights and liabilites of a person.

e) Powerful successor to GATT that incorporates trade in goods, services and ideas.

F. World Trade Organization (WTO). It is the successor to the General Agreement on Tariffs and Trade (GATT) which is made to get replaced by an agency prevailing in the United Nations known as the International Trade Organization.

f) The model of business responsibility that business should emphasize not only profits but also the impact of its decisions on society.

H. Socio economic model. In socio economic model not only the money which matters in a business but also the society which is a part of the business. So the business should take into consideration to the society for maintaining a good business and society relationship.

g) A sole proprietorship is independently owned, operated for profit and non dominant it is field.

M. sole proprietorship. Unlike other form of ownership, a sole proprietorship is a form of ownership which is being owned by a person independently with no partners and the income and the losses are stated on the person's personal income return of tax.

h) A non tax measure imposed by a government to favor domestic over foreign suppliers is known as non tariff barrier.

J. Non tariff barrier. It is a policy measure that can affect all forms of goods and services exports for favoring domestic over foreign suppliers.

i) A corporation chartered by a foreign government and conducting business in the United States is known as an alien corporation.

K. Alien corporation. It is a corporation that is being created in a country but is being doing their business activities in the United States.

j) A legal concept that holds a business owner personally responsible for all the depts of the business is called unlimited liability.

L.Unlimited liability. In an unlimited liability the business owner will be responsible for the amount of liability acted upon the business. A business with unlimited liability makes both the business and the assets of the owner to be at risk.