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1. What is the difference between a sole proprietorship and a partnership?

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1. What is the difference between a sole proprietorship and a partnership?

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A sole-proprietorship has one owner who has unlimited liability for the business. A partnership involves two or more people who combine resources for the business and share profits and losses.

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2. If a partner makes a bad decision, what responsibility do the other partners have?

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2. If a partner makes a bad decision, what responsibility do the other partners have?

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The same as the one that made mistake. This is due to The share of unlimited legal and financial liability.

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The purpose of a cooperative is to realize the economic, cultural and social needs of the organization's members and its surrounding community.

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4. What is the difference between a producer and a processor? 

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4. What is the difference between a producer and a processor? 

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Producers collect or creates row products, and processors change row products into more finished product

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5. Identify the five functions of business. 

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5. Identify the five functions of business. 

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Production, procurement, marketing, management, finance and accounting.

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6. Give an example of how the accounting and finance functions can affect a business’s marketing and production processes. 

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6. Give an example of how the accounting and finance functions can affect a business’s marketing and production processes. 

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If the financials show little profit, new marketing plans may be developed and new production procedures may be implemented.