Chapter 8 Assessments

contract in which one business sells to another business right to use its name and sell its products

The most important type of business organization in the U.S. in terms of amount of business done is the

private or government-funded agency that assists new businesses

business owned an operated by one person

Record keeping is necessary

holders of preferred stock are guaranteed

portion of a corporation's profits paid to its stockholders

A disadvantage of a corporation is that

A beginning business enterprise is known as a startup

The biggest disadvantage of a sole proprietorship is that the business decisions can be made quickly

In a partnership, the partners

requirement that owner is personally and fully responsible for all losses and debts of a business

partnership set up for a specific task for a short period of time

Holders of preferred stock are guaranteed nothing.

The business enterprise that is taxed like a partnership is a

The most common type of business organization is a sole proprietorship

business that two or more individuals own and operate

Stock is share of ownership in a corporation

extra supply of items used in a business

owner's responsibility for business debts is limited to size of owner's investment in the business

a corporate charter is granted by a franchisor

goal of a small-business incubator is to

An advantage of franchising is

type of business owned by many people but treated by law as one person

income received from sale of goods and/or services

items which a business or household holds legal claim

When someone says "you have to spend money to make money" they are referring to which business operation?

person who organizes, manages, and assumes risks of business in order to gain profit

When running a business, one should pay themselves a wage that is equal to what they could earn elsewhere

In a limited partnership, limited partners only contribute funds or property to the business