afm 132 Questions and Correct Answers

chief financial officer Ans - financial reporting, control, compliance - Additional responsibility on company operation, HR, info tech, and more canada has mixed economy Ans some allocation of resources made by market, some made by diff government levels crown corporation Ans company owned by fed or prov government privatization Ans sale of publicly owned corporation small business Ans independently owned/operated not dominant in field meet certain standard of size (99 employees) sole proprietorship Ans owned/operated by 1 person sole proprietorship pros/cons Ans pros: Easy to set-up Lower start-up costs Freedom + control Less regulatory requirements cons: Unlimited liability Business continuity issues Difficulty raising funds partnership Ans 2 or more people partnership pros/cons Ans pros: Easy + inexpensive Sharing start-up cost