Forms of Business
This is a benefit of a limited liability company
What is limited liability
Sole proprietorship has limited liability. True or False
What is true?
Finances, Economy, and, Lack of experience are challenges when managing a small business. True or False
What is true
Personal savings, Bank loans, and Angel investors are financing options for small businesses. True or False
What is true
Money is a medium of exchange, a store of value, and a unit of account. True or Fals
What is true?
The FDIC ceiling on insured deposits is $250,000 per account. True or False
What is true?
A business owned and operated by one individual is called this_______.
A sole proprietorship
This type of formation has shared resources and expertise
What is a partnership?
People become _______ to be their own boss.
What are entrepreneurs
Small businesses contribute to the U.S. economy by fostering______.
What is innovation?
GAAP standd for this.
Generally Accepted Accounting Principles
Revenue a key part of the______ statement.
Ease of formation is a characteristic of this fom of business.
What is a sole proprietorship.
A significant disadvantage of a sole proprietorship is _______ liability.
What is unlimited.
This is a key characteristic of a successful entrepreneur
What is a risk taker?
Self-______ is the first step to take when starting your own business.
What is Assessment
This is the accounting equation
Assets = Liabilities + Owner's Equity
The three parts of a _______ sheet are assets, liabilities, owner's equity.
What is balance sheet
A legal entity separate from its owners is called this
What is a corporation?
One major advantage of a corporation is______ liability.
What is limited?
Independence is an advantage of a _____business.
What is small
The ______ _________ ________ helps small businesses by providing financial and management assistance.
What is the Small Business Administration
This financial statement shows a firm's profitability.
What is the income statement
The FDIC responsible for this.
What is insuring deposits?
This is a significant disadvantage of a corporation.
What is Double taxation
This corporation avoids double taxation.
What is an S corporation
________for their idea motivates entreprenuers.
What is Passion?
The ______offers business plan templates to help with Business Plans
What is the SBA
Commercial banks, credit unions, and thrift institutions are considered a ________ finanical institution.
What is depository?
Credit cards are not considered money because of this.
They are a form of borrowing