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