Reference no: EM132471097

Question 1:

Proficient-level:

Problem 1: Identify and describe the three basic forms of business organizations.

Problem 2: What are the advantages and disadvantages of each form of ownership?

Distinguished-level:

Problem 1: Business entities can also be categorized by the type of business activities they perform. Identify and describe the three types. What do all three types have in common?

Question 2:

Proficient-level:

Problem 1: Identify the primary objectives of every business.

Problem 2: What are the four basic financial statements that measure the primary objectives of every business?

Problem 3: Describe what information each statement presents and which of the primary objective(s) can be met through the information presented on the statement.

Distinguished-level:

Problem 1: Describe the difference between an asset, liability, and equity on a company's balance sheet.