What is an entrepreneur?

Someone who creates and runs their own business

What is an advantage of being LTD (limited)?

Owners have limited liability for business debts

Which of the following statements about corporations is true?

corporations sell stock to raise money

One advantage of a corporation as compared to a sole proprietorship is

a corporation provides limited liability for its owners

What is a non profit ?

use their profits to advance their programs not themselves

What is a cooperative

owned by and for the benefit of those using its services

What is a partnership

an association of two or more people

what is a sole proprietorship?

owned and run by one natural person

owners sell the rights to their business logo name and model

A business owner with unlimited liability

sacrifice personal $ and assets to pay business debt, is personally responsible for the debts of the business

One advantage of a general partnership over a sole proprietorship

rely on more than one person for financial backing

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Duplicate of Entrepreneurship 101

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A #Entrepreneurial #blindquiz.

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Questions 15

Answers

1
What is an entrepreneur?
Someone who creates and runs their own business
Someone who creates and runs a business with a partner
A manager of a business.
Someone who seeks out shareholders to invest in the business
2
Most businesses in the Canada are
partnerships
cooperatives
sole proprietorships
corporations
3
What is an advantage of being LTD (limited)?
Owners have limited liability for business debts
Limited growth potential
Self-employment tax
simplest and least expensive business structure to establish
4
Which of the following statements about corporations is true?
corporations are easier to set up than sole proprietorships
a limited partnership is a type of corporation
a cooperative is a type of corporation
corporations sell stock to raise money
5
WHat are the advantages of a sole proprietorship?
you have complete control over all decisions.
Your business is not taxed separately,
least expensive business structure to establish
All the above
6
Which type of business provides limited liability for the owner(s)?
b. sole proprietorship
a. corporation
c. general partnership
d. all of the above
7
One advantage of a corporation as compared to a sole proprietorship is
corporation is easier to set up and requires less paperwork
a corporation provides limited liability for its owners
a corporation has fewer shareholders
a corporation has a partnership agreement
8
What is a non profit ?
use their profits to advance their programs not themselves
which some or all partners have limited liabilities
a company of people authorized to act as a single entity
owners sell the rights to their business logo name and model
9
What is a cooperative
owned by and for the benefit of those using its services
an association of two or more people
Owned by one person
a company of people authorized to act as a single entity
10
What is a partnership
owned and run jointly by its members,
an association of two or more people
which some or all partners have limited liabilities
owners sell the rights to their business logo name and model
11
what is a sole proprietorship?
owned and run jointly by its members
a company of people authorized to act as a single entity
which some or all partners have limited liabilities
owned and run by one natural person
12
What is a Franchise
owners sell the rights to their business logo name and model
a company of people authorized to act as a single entity
which some or all partners have limited liabilities
owned and run jointly by its members,
13
The purpose of a cooperative is
to earn profit for management
to provide unlimited liability to its members
to pay dividends to investors
to benefits its members
14
A business owner with unlimited liability
sacrifice personal $ and assets to pay business debt
is a shareholder of a corporation
Won't sacrifice personal $ and assets to pay business debt
is personally responsible for the debts of the business
15
One advantage of a general partnership over a sole proprietorship
provides limited liability
is a corporation
provides unlimited liability
rely on more than one person for financial backing

Duplicate of Entrepreneurship 101 Flashcards | StudBud