Jake owns and operates a small store that sells relatively few items. His store is open 24 hours a day, and most of his customers live very close to the store. Jake owns a:
A) supermarket.
B) discount store.
C) specialty store.
D) convenience store.
E) single-line retail store.
Question 2
In terms of business ownership, unlimited liability means:
A) there is no limit on the amount an owner can borrow.
B) creditors will absorb any loss from nonpayment of debt.
C) the business can borrow money for any type of purchase.
D) the owner is responsible for all business debts and legal liabilities.
E) stockholders can borrow money from the business.
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