Question

question 15

a joint venture is a temporary business agreement in which two or more companies collaborate on a ________ project.

• specific
• long-term
• government
• permanent

Explanation:

Define a joint venture

A joint venture is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This task can be a new project or any other business activity.

Analyze the key characteristics

The definition emphasizes that the partnership is temporary and established to complete a particular, well-defined goal. This aligns with the concept of Types of Business Ownership where different structures serve distinct operational durations and purposes.

Evaluate the given options

• specific: This correctly describes the targeted nature of the project that the companies collaborate on.
• long-term: While some joint ventures can last years, they are fundamentally defined by their temporary, project-specific nature rather than being inherently long-term.
• government: Joint ventures are primarily private business agreements, though public-private partnerships exist, it is not a defining characteristic.
• permanent: By definition, a joint venture is temporary, making "permanent" incorrect.

Select the correct option

The word that best completes the definition of a joint venture as a temporary agreement to collaborate is "specific".

Answer:

• specific (Correct answer)
• long-term
• government
• permanent