Entrepreneurship and Business Ownership (ME 1)

Two types:  public and private

A __ is a legal agreement to sell a parent company's products in a certain geographic area.

Who has unlimited liability?

A person who owns, operates, and tasks the risk of a business venture:

Which of the following is a characteristic of a successful entrepreneur?

Two types:  general and limited

Owned and operated by one person

Profits are usually divided according to time and money invested.

Which form does the organization end if one of the owners dies?

Easiest form to start

Which of the following is an ADVANTAGE of entrepreneurship?

Which characteristic MOST affects the likelihood of being a successful entrepreneur?

The person buying a franchise is the:

Owners can easily enter or exit the business by buying or selling stock in a ___.

Each owner has limited liability

Most government regulations

A disadvantage of a franchise is:

Most common form

Allows the greatest freedom in making decisions