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Unit 0-1: Entrepreneurship & Forms of Ownership Flashcards | StudBud
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Unit 0-1: Entrepreneurship & Forms of Ownership
Unit 0-1: Entrepreneurship & Forms of Ownership
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1
One advantage to a corporation form of ownership is...
Low Regulations
Access to Capital
Easy to Start/End
Double Taxation
2
What is the maximum number of shareholders an S-Corporation can have?
100
75
1
10
3
What is the most common form of ownership in the U.S.?
Franchise
Corporation
Partnership
Sole Proprietorship
4
This type of business is owned by one person.
Corporation
Sole Proprietorship
Limited Partnership
Partnership
5
Successful entrepreneurs are NOT...
Passionate
Hesitant
Creative
Goal-oriented
6
In a corporation, people who invested in a company by purchasing stock are called?
Franchisees
Shareholders
Partners
Board of Directors
7
Taxed at a company level and again at a personal level (double taxation).
Franchise
Corporation
S-Corporation
Sole Proprietorship
8
What are the benefits to an S-Corporation?
Only taxed at pesonal income level
Personal assets are exposed
Can only have 150 shareholders
Difficult to convert
9
The percent (%) of sales the franchisee gives the franchisor?
Franchise Fee
Taxes
Royalty Fee
Advertising Fee
10
What does limited liability mean?
Owner's can lose everything
Owner's can only lose what they put in
11
An advantage to franchising is?
Must follow the rules of the franchise compant
Splitting profits with franchisor
Must follow protocol on what to sell
National advertising
12
Which of the following is an advantage to being an entrepreneur?
Long Hours
Longevity
Independence
Stress
13
In a limited partnership the limited partner...
Actively manages the business
All of the Above
Only risks their investment
Does the day-to-day operations
14
What is an advatage to an LLC?
Limited Liability
There are no benefits
Unlimited Liability
Double Taxation
15
Which of the following is a disadvantage to a corporation?
Double Taxation
Limited Life
Unlimited Liability
Limited Liability
16
McDonalds (currently) is an example of?
Franchise
Sole Proprietorship
Partnership
Limited Partnership
17
All partnerships split profits 50/50?
False
True
18
To protect against disagreements in a partnership, partners should spell out all terms...
In Their Heads
Vocally
In Writing
They Should Not Do It
19
There are many forms of ownership to choose from, which is not an option everyone can do?
Start a business from scratch
Enter into a family company
Buy a franchise
Buying a business for sale
20
What is an advantage to a partnership?
Combined skills
Lack synergy
Management disagreements
Split the profits
21
Forming a LLC is a way for owners to protect their?
Personal Assets
None of These
Income
Taxes
22
What does unlimited liabilty mean?
Owner's can lose only what they put in
Owner's can lose everything
23
How many people need to be involved in order to form a partnership?
2 or more
1
5-7
3-5
24
What is the easiest and most common form of business to create & end?
Franchise
Sole Proprietorship
Corporation
Partnership
25
An entrepreneur is someone who risks _________ in an attempt to successfully start a business.
Time
Effort
All of the Above
Money
26
An arrangement where a business sells the rights (licensing) to operate in the company's name.
Franchise
Acquisition
Partnership
Merger
27
Which of the following is not an advantage of a franchise?
Lack of Freedom
Advice & Assistance
Recognized Name
National Advertising
28
Someone might start a sole proprietorship because...
They receive all the profits
Reduce risk
Attracts employees
Can easily raise capital
29
A corporation's top governing body is called?
Board of Voters
Board of Owners
Board of Sharks
Board of Directors
30
Coca-Cola is an example of?
Sole Proprietorship
Partnership
Corporation
Firm
31
What is a disadvantage for a sole proprietorship?
Limited Capital
Owners Disagree
Decision Making
Royalty Fee
32
Which of the following is NOT a personal characteristic of an entrepreneur?
Hands-Off
Risk-taker
Creative
Persistent
33
Which form of business brings in the greatest % of total revenue in the U.S.?
Sole Proprietorship
Firm
Corporation
Partnership
34
If you want to be your own boss, you should open this form of ownership...
Franchise
Partnership
Corporation
Sole Proprietorship
