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Entrepreneurships & Proprietorships Flashcards | StudBud
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Entrepreneurships & Proprietorships
Entrepreneurships & Proprietorships
20 terms
·
StudBud Administration
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352 plays
For Business Mangement
Flashcards
20 cards
F
Practice quiz
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Host live
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Questions
20
Answers
1
A business owned by one person is a
Ownership
Partnerships
Corporation
Sole Proprietorship
2
The most common form of business organization is partnerships
True
False
3
Which of these is NOT a form of ownership?
Partnership
Corporations
Proprietorship's
Organization
4
All proprietorship's are full-time
False
True
5
As a proprietor you should be willing to take advice from others
False
True
6
Why do proprietors assume a great deal of risk?
Bear all assets if a business fails
They might get fired
Income tax is less
Bear all liabilities if business fails
7
What are common traits of an entrepreneur?
Personable, Lazy, Bad with Finances
Energetic, Bad problem-solvers, Intelligent
Self-starters, Hard Working, Creative, and Personable
Good with Finances, Bad with people, Hard working
8
85% of businesses are proprietorship's
False
True
9
What percent of start-up businesses lose money?
30%
50%
39%
15%
10
What type of business must require a license to begin?
Hair Salon
Restaurant
Local Gym
Accounting Firm
11
Written document that describes nature of business, goals and objectives, and how to achieve...
Blueprint
Balance Sheet
Business Plan
Marketing plan
12
What are responsibilities of a proprietor?
All of the Above
Money
Management
Expertise
13
What are two common traits of a successful business using the proprietorship method?
Managed by one or a few that they hire and small capital
Manged by many managers and large capital
Manged by many managers and small capital
Managed by one or a few that they hire and large capital
14
Person that assumes risk of starting, owning, and operating a business for making a profit...
Employee
Entrepreneur
Owner
Go-getter
15
Why do most entrepreneurs fail?
Did not prepare a business plan
All of the Above
They wrote the plan only because the lender required it
Business Plan is unrealistic
16
Employee who is given funds and freedom to create a special unit or department...
Intrapreneur
Investor
Manger
Entrepreneur
17
If proprietor has debts the creditor has first claim against assets
False
True
18
Half of small businesses fail within the first 5 to 6 years...
False
True
19
Financial statement that has assets, liabilities, and owners equity of a business
Balance Sheet
Business Plan
Statement of Cash Flows
Income Statement
20
What type of organization is NOT well suited for proprietorship's?
Gym
Manufacturing business
Hair Salon
Accountant
