Chapter 8 Assessments

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

A beginning business enterprise is known as a startup

The most common type of business organization is a sole proprietorship

Record keeping is necessary

private or government-funded agency that assists new businesses

business owned an operated by one person

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

Stock is share of ownership in a corporation

goal of a small-business incubator is to

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

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

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

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

In a partnership, the partners

An advantage of franchising is

holders of preferred stock are guaranteed

extra supply of items used in a business

income received from sale of goods and/or services

portion of a corporation's profits paid to its stockholders

business that two or more individuals own and operate

a corporate charter is granted by a franchisor

A disadvantage of a corporation is that

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

The business enterprise that is taxed like a partnership is a

items which a business or household holds legal claim

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

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

Holders of preferred stock are guaranteed nothing.

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

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