Entrepreneurship and Business Ownership (ME 1)

Which of the following is a characteristic of a successful entrepreneur?

Who has unlimited liability?

Allows the greatest freedom in making decisions

Owners can easily enter or exit the business by buying or selling stock in a ___.

Which characteristic MOST affects the likelihood of being a successful entrepreneur?

Two types:  general and limited

A disadvantage of a franchise is:

The person buying a franchise is the:

Which of the following is an ADVANTAGE of entrepreneurship?

Two types:  public and private

Most government regulations

Most common form

Easiest form to start

A person who owns, operates, and tasks the risk of a business venture:

A __ is a legal agreement to sell a parent company's products in a certain geographic area.

Owned and operated by one person

Which form does the organization end if one of the owners dies?

Each owner has limited liability

Profits are usually divided according to time and money invested.