Forms of Ownership
A business owned by only one person.
What is Sole Propietorships
How many times a sole proprietorship is taxed.
What is once?
Unlimited Liability applies to what types of Ownership structures? (there are three)
What is: Sole Proprietorship, Entrepreneur, and Partnership
A business owned by two or more people.
What is a Partnership
Who was the President of Mcdonalds?
Who is Ray Kroc
Company that is registered by a state and operates apart from its owners.
What is a Corporation
Major advantage of owning a corporation.
What is limited liability?
BIGGEST Disadvantage of having a sole proprietorship.
What is unlimited liability?
List three characteristics of a successful entrepreneur?
Persistent, Creative, Responsible, Inquisitive, Goal-Oriented, Independent, Demanding, Self-Confident, Risk-Taking, Restless
This is the number of curves on a standard paper clip.
What is three?
Contractual agreement to use the name and sell the products or services in a designated geographic area
What is a franchise?
These are advantages of which Form of Ownership?
Easy & cheap to create
Owners pays taxes (not business)
Combined skills of partners
Combined money
What is a Partnership
High cost to purchase
What is a Franchise
What type of business ownership structure is being provided below?
Easiest to start & end
Owner pays taxes (not business)
Owner receives all profit
What is a Sole Proprietorship
Where did Mr Kramp go to High School?
What is the Mustangs of Rolling Meadows
How does Entrepreneurship positively affect our economy?
Product Innovation, Job Growth, Social Changes Improves, Existing Enterprises
What are some of the advantages of partnership
The advantages include more financial resources, shared management and pooled knowledge, and longer survival.
A disadvantage of a franchise is ___________________________.
High Cost to Purchase, Paying royalty fee, Lack of independence, Costly Fees & Investment
Define a General Partnership or what is the DIFFERENCE between General and Limited Partnerships?
General Partnership: an owner who takes the personal financial risk and is actively managing the firm.
Who does the University of Notre Dame play in Football this Saturday?
What is The Ohio State University Buckeyes
more financial capital, combined managerial staff, ease of starting, clear legal status, tax advantages (taxed on profits)
What is a Partnership?
An advantage of a partnership is having access to more ___________________.
What is capital or brain power!
Name one disadvantage for each of the FOUR ownership types
Many answers accepted.
Roughly, (between 1-5%) what is the percentage of businesses in the USA are Sole Proprietorships?
72%
What is the only king in a deck of cards without a moustache?
What is King of HEARTS