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Entrepreneurs and Business Organizations
Entrepreneurs and Business Organizations
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Prep for the final quiz!
Flashcards
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Questions
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Answers
1
What year has the highest percentage for survival
7 years
1 year
4 years
5 years
2
What is an advantage to sole proprietorship?
Full decision-making power
Limited growth potential
Easy access to markets
Unlimited liability
3
What is a reward for starting a new business?
Working long hours with no pay
Raising money to finance
Tied down to another person's schedule
Loving what you do
4
What is an example of a partnership?
Law firms
Painter
Walmart
Plumber
5
What is the difference between a corporation and a multinational corporation?
all of the above
they make more money
there are multiple stores located in more than one country
there are multiple stores located in the country
6
KIPP is an example of a
business franchise
none of the above
cooperative
nonprofit organization
7
What is a risk to starting a new business?
Business failure
Financial insecurity
Finding the right employees
All of the above
8
The board of directors
is elected by the shareholders
all of the above
select the chief executive officer
oversee management of the corporation
9
Which of the following functions to make a profit as their main purpose?
cooperative
all of the above
nonprofit organization
business franchise
10
Sole Proprietorship is
owned and operated by one person
easy to set up and close down
all of the above
the most common type of business organization
11
What do corporations have over the other two types?
they can use the sale of stock to raise financial capital
they have to manage business themselves
they are only taxed once
they have shorter life due to many owners wanting a share
12
Which of the following is not a characteristic of a successful entrepreneur?
Ambition
A willingness to take risks
Organizational skill
The ability to ignore others
13
What is a disadvantage of partnerships?
Easy to set up
Individual taxation
Potential conflict between partners
Increased growth potential
14
What is the main disadvantage of having a multinational corporation?
You have to learn too many languages
You must obey all the laws of other countries, including tax
You waste a lot of money travelling to other countries
You have to get used to working with time differences
15
Which one is not a right that businesses have?
Right to screen employees
Right to fire whistle blowers
Right to hire and fire
Right to advertise
16
When the Spurs allows Nike to use its trade name and sell its product, this is an example of a
business franchise
non profit organization
cooperative
mutual agreement
17
What is true of a multinational corporation?
Diversified operations increases the risk of bankruptcy
Access to cheaper labor and raw materials
Access to immunization against other laws
Increased transportation cost
18
What is the structure of a corporation shaped as? Why?
cube
parallelogram
pyramid
sphere
19
How does a nonprofit organization make money?
They pay tax
They are funded by donations
They get paid by their customers
none of the above
20
Which type of business organization makes the most money?
all of the above
Corporations
Partnerships
Sole proprietorships
21
Which is not an example of a multinational corporation?
Whataburger
Coca Cola
Samsung
HEB
22
What wass the least common business organization in 2008?
Corporation
none of the above
Partnership
Sole proprietorship
