TRUE or FALSE. Write True before the number if the statement tells the truth about the Forms and Economic roles Business Organization and write False if otherwise.
1. Single Proprietorship, partnership, and corporation are forms of business according to nature of
ownership
2. Single proprietorship is form of business that is easiest to set-up and hardest to be dissolved.
3. A partnership can only be dissolved if one of its partners dies or become insane.
4. Partnership just like sole proprietorship has a separate legal personality from its owners.
5. Shareholders of a corporation has unlimited liability, that means they may loose there personal
assets if a corporation incur debts or liabilities.
6. GUIMELCO is an example of a Merchandising Business because it has a product called electricity
7. Manufacturing Business is a form of business where raw materials are converted into new products
and sold to the market.
8. When you are a shareholder of a corporation and the corporation has paid its taxes you may opt to
not pay your individual tax.
9. Taxes are the lifeblood of the economy.
10. Business opportunities respond to customer demands by providing access to quality goods and
services.
the

dear friend:

  i hope this letter finds you in soaring spirits and vibrant health. as you had expressed the wish to know about culture, traditions, and unity of india in your previous letter, in the following lines i have tried my best to give you glimpses of our culture, traditions, and unity. you will be amazed to know that our culture is the oldest culture in the world and the birth place of hinduism, buddhism, jainism, and sikhism. you won’t find any other culture as varied and multi-colored, multi-lingual as ours. each region has its own unique culture, traditions, language. there are 22 official languages in india.

  basically, india is a spiritual country with orthodox traditions. for example the people of india believe in traditions set by their wise forefathers. arranged marriages, joint-family system, universal brotherhood, vegetarianism, celebrating festivals such as diwali, holi, eid, etc., are the salient features of our culture and traditions.

  another unique aspect about our country is ‘unity in diversity’. in spite of the multi-lingual, multi-religious, multi-traditional, multi-cultural society, people live peacefully together, respecting one another’s views, cultures, traditions, and differences. i am sure you would love to visit india soon, and have a first-hand experience of the multi-colored culture. give regards to uncle and aunt. do visit india with your family and experience our hospitality.

your friend,

what terms are there?

i think it is the third one.