Sole Proprietorships
Partnerships
Corporations
Franchise
Management
100
A business owned by one person.
What is a sole proprietorship?
100
Voluntary association of 2 or more people who act as co-owners of a business for profit.
What is a partnership?
100
Unlike a real person a corporation only exists on this.
What is paper?
100
True of false: franchising is a guarantee to business success.
False.
100
Coordinating people and other resources to achieve the goals of an organization.
What is management?
200
True or False: Simplest form of business ownership and easiest to start.
True.
200
Business partner that is liable for everything the business does and has management responsibility.
What is a general partner?
200
Artificial person with rights to start and operate a business, buy or sell property, borrow money, sue or be sued.
What is a corporation?
200
The license to operate an individually owned business of a chain.
What is a franchise?
200
Planning, organizing, leading and motivating, controlling.
What are the basic management functions?
300
True or false: The most popular form of business ownership.
True.
300
No management responsibility or liability for losses beyond what the individual invested.
What is a limited partner?
300
Shares of ownership in a corporation.
What is stock?
300
Individual who grants the franchise and provides skills and training for success.
Who is a franchisor?
300
Identify the problem, general alternatives, select an alternative, and evaluate alternative.
What is the managerial decision making process?
400
Easy start-up, all profits belong to the owner, be your own boss.
What are the advantages of a sole proprietorship?
400
Easy start-up, personal interest, combined skills, profits are owners.
What are the advantages of a partnership?
400
Difficult and expensive to form, government regulations, double taxation, lack of secrecy.
What are the disadvantages of a corporation?
400
Purchases and is responsible for operating the franchise.
Who is the franchisee?
400
Analytical, interpersonal, technical, communication, and conceptual.
What are the five skills for a successful manager?
500
Unlimited liability, lack of money, difficulty hiring employees, limited management skills.
What are disadvantages of sole proprietorship?
500
Unlimited liability and disagreements, etc.
What are disadvantages of a partnership?
500
Limited liability, ease of raising capital, specialized management, etc.
What are the advantages of a corporation?
500
Opportunity to start a business, guaranteed customers, and franchisor available for advice and support.
What are the advantages of the franchisee?
500
Leadership style that allows employees to have a voice along with the company management.
What is participative leadership?
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