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Entrepreneurship Ch.3_Types of Business & Business Ownership Flashcards | StudBud
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Entrepreneurship Ch.3_Types of Business & Business Ownership
Entrepreneurship Ch.3_Types of Business & Business Ownership
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Entrepreneurship - Ch. 3 - Review of Types of Businesses & Business Ownership #entrepreneurship
Flashcards
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Questions
25
Answers
1
Manufacturing businesses are predicted to dominate the U.S. economy in the future. (T or F)
True
False
2
An entrepreneur who wants to hire employees must obtain an Employer Identification ___ (EIN)
Notice
Number
License
New Hire
3
Wholesalers sell directly to consumers (select True or False)
True
False
4
In a sole proprietorship, how many people are responsible for the business?
One
One or more
Any number
At least 2
5
50 years ago, service businesses played a minor role in the economy. (T or F)
True
False
6
The level of liability for a business owner depends on type of ownership of the business (T/F)
False
True
7
Which of the following products is typically sold to manufacturing businesses?
Plastic Parts
Jewelry
Clothing
Groceries
8
Which of the following professional service providers require licensing?
All the Choices
Daycare Providers
Engineers
Nurses
9
Farming is most likely which type of business?
Retailing
Manufacturing
Service
Wholesaling
10
Shares in a corporation may earn its owner ___, which is a portion of the corporation's profit.
Dividend
Portion
Stock
Money
11
A company sells the right to use the company's name/operating plan to sell products/services.
Partnership
Corporation
Business Plan
Franchise
12
Which type of business is tied to the life span of its owners?
None of the Choices
C Corporation
Non-profit Business
Limited Partnership
13
Type of business ownership in which the business itself is considered a "person" under the law.
Partnership
Corporation
Cooperative
Sole Proprietorship
14
business where single person owns business/collects all profit/ has unlimited liability?
Cooperative
Sole Proprietorship
Corporation
Partnership
15
Sonic is an example of which type of company?
Wholesale
Franchise
Industrial
Manufacturing
16
Which type of business ownership provides unlimited liability for its owners?
Retailer
Sole Proprietorship
Corporation
Partnership
17
Owners of a corporation are called ___
Partners
Coops
Officers
Stockholders or Shareholders
18
Corporations are easier to set up than sole proprietorships. (select True of False)
False
True
19
Auto repair is an example of which type of business?
Manufacturing
Trade
Retailing
Service
20
A business that sells goods directly to consumers on the Internet is a...
Wholesaling Business
Service Business
Retailing Business
Manufacturing Business
21
What disadvantage does a general partnership have over a sole proprietorship?
Each partner is responsible 4 the business actions of others
Profits are split between the partners
All of the Choices
Partners may have trouble agreeing on policies
22
Wholesalers are also known as...
Consumers
Retailers
Middlemen
Franchise Owners
23
Manufacturers of industrial goods typically sell to
Wholesalers
Consumers
Services Businesses
Other Manufacturers
24
Business organization in which at least 2 individuals share the management/profit/liability.
Corporation
Cooperative
Sole Proprietorship
Partnership
25
Dry cleaning, landscaping, & tutoring are examples of a(n) __ business.
Manufacturing
Wholesaling
Retailing
Service
