Indicate whether each of the following statements is true or false. If false, indicate how to correct the statement.

1. A business owned by two or more persons associated as partners is a corporation.

2. A business owned by one person is generally a proprietorship.

3. A merchandising company converts raw materials into finished goods to sell to customers.

4. A landscaping company is an example of a service company.

5. A department store is an example of a manufacturing company.