Succeeding in the World of Work Chapter 4 Review

One disadvantage of entering a family business is

_____ are expenses involved in going into business.

______ is the document describing the start-up costs and operating expenses of a new business

Location would be an especially important factor in the success of a

____ is the loyalty of customers to a business.

On an income statement, the ____ is when you subtract operating expenses from gross profit.

Control and profits are divided between two or more people in a(n) __________.

A business that is completely owned by one person is a(n) ___________.

Which one is NOT one of the forms of legal ownership of a business?

______ is the potential for future sales.

A proven product, established management systems, and customer goodwill are three advantages of

In a(n) ______, the owners buy shares in the company, which is chartered by the state.

Buying an existing business

A person who organizes a business and then runs it is called a(n) __________.

______ is income from sales.

One advantage of a sole proprietorship is that

Banks that lend money to people to start a new business require a business description and a(n)

On an income statement, the difference between the cost of goods and their selling price is ___

One drawback of working at home is _______.

A(n) _________ is the legal right to sell a company's goods and services.

_____ is the contract to use something for a specified period.

A(n) ______ offers low costs and flexible working conditions.

______ are the costs of doing business.

______ is the document that shows how much a business has earned or lost.

Entrepreneurs tend to