Study Guide and Quiz Answers

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21
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Which of the following describes a saturated market?

A
The prices of competitors are very high.
B
Many people want this product and haven't purchased it yet.
C
Most potential buyers have not heard of the product and don't know it exists.
D
Most potential buyers already have a product that satisfies this need or want.
22
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A company that is organized by both product and function is using ________ organization.

A
Flat
B
Hierarchical
C
Market
D
Matrix
23

Which of the following types of business ownership has the highest personal liability risk?

A
A partnership
B
A sole proprietorship
C
A C corporation
D
An LLC
24

Which of the following business ownership structures is the simplest and easiest to set up?

A
A partnership
B
An LLC
C
A sole proprietorship
D
A C corporation
25

A company that builds houses and a company that makes cars are part of the __________ industry.

A
Retailing
B
Extractive
C
Wholesaling
D
Manufacturing

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