Economics JAMB

A firm owned and managed by a family is an example of ______?

A. joint stock exchange
B. cooperative society
C. sole proprietorship
D. partnership

Correct Answer:

Option D – partnership

Explanation

A partnership may be defined as a type of business organization in which two to twenty persons agree legally to setup and manage a business outfit with the sole aim of making profit. The people involved in partnership agreement are called partners and they share the profit, losses and risk of
the business. A family owned business is any business in which two or more family members are involved and the majority of ownership or control lies within a family.

Sunday

Share
Published by
Sunday
Tags: economics

Recent Posts

List of Universities Offering Veterinary Medicine in Nigeria

Veterinary medicine is the branch of medicine that deals with the prevention, diagnosis, and treatment…

3 months ago

List of Universities Offering Anthropology in Nigeria

Anthropology is the scientific study of human beings and their cultures. It encompasses a wide…

3 months ago

List of Universities Offering Sociology in Nigeria

Sociology is the scientific study of human society, culture, and behavior. It examines the social…

3 months ago

List of Universities Offering Social Work in Nigeria

Social Work is a profession dedicated to helping individuals, families, and communities to cope with…

3 months ago

List of Universities Offering Religious Studies in Nigeria

Religious studies is an academic discipline that explores the beliefs, practices, and history of various…

3 months ago

List of Universities Offering Public Administration in Nigeria

Public administration is the field of study and practice that focuses on the organization and…

3 months ago