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ExpBusMarEntre-1.02 Flashcards | StudBud
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ExpBusMarEntre-1.02
ExpBusMarEntre-1.02
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Exploring Business, Marketing & Entrepreneurship 1.02 Types of business organizations
Flashcards
15 cards
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Questions
15
Answers
1
Barber shops, dry cleaners, and car repair shops are all classified as:
product type
non-profit
combination product and service
service provider
2
The Gap, Dell and IBM are all classified as which type of business?
non-profit
combination product and service
for-profit
service provider
3
Which organization has the most risk and rewards for an individual?
corporation
partnership
sole proprietorship
franchise
4
Which organization has the BIGGEST DISADVANTAGE when it comes to paying taxes?
partnership
franchise
sole proprietorship
corporations
5
How is a corporation different from a sole proprietorship?
sole proprietorships require a legal charter to start
sole proprietorships have limited liability for the owners
corporations are owned by one person
corporations can sell stock to raise money for the business
6
Feather Duster Maids employs seven maids to clean people's houses, it is classified as:
combination product and service
service provider
non-profit
for-profit
7
How is a corporation different from a sole proprietorship or partnership?
the owners of a corporation control the business
corporations are usually owned by one person
corporation has only one or two owners
corporations require a legal charter to start
8
What is an advantage of a partnership over a sole proprietorship?
no contracts are necessary to start
limited owner profit
unlimited legal liability shared
equal owner control
9
How are a franchise and a sole proprietorship alike?
owners keep all profits
easy to start the business
can sell stock to raise money
require a contract to start
10
Plumbing, heating/air conditioning repair, accounting services, and lawn care are all:
service provider
product type
sole proprietorships
combination product and service
11
Most car dealerships, beauty salons and home improvement stores are classified as:
product type
combination product and service
non-profit
service provider
12
Tom and Clare started a website business to earn money. Their business is classified as:
service provider
for-profit
non-profit
combination product and service
13
Which organization allows the owner to start selling products most quickly?
corporation
partnership
franchise
sole proprietorship
14
Clothing stores, CD stores, and electronics are all classified as which type of business?
product type
service provider
combination product and service
non-profit
15
Goodwill Industries helps poor and homeless people, what kind of business is it classified as?
non-profit
combination product and service
for-profit
service provider
