Test I – Fill in the blanks.

Corporation 1. An artificial being created by operation of law, having the right of

succession and the powers, attributes & properties expressly

authorized by law or incident to its existence.

Partnership 2. The losses and profits shall be distributed in conformity with the

agreement.
Cooperative 3. In the said law, as a business organization as an autonomous and duly

registered association of persons, with common bad interest, who have

voluntary joined together to achieve their social economic.

Non-Capitalist 4. Do not simply gain their income for themselves but rather share the

benefits to others specifically the laborers who worked for the

entrepreneurs.

Business & Socio-Economic Development 5. The different form of business organizations

are also the major players in creating employment.