Business Ownership
Types of Businesses
Anything Goes!
Say What?
You Got This!
100
If you and one other person want to start a business, what type of Business Ownership would you be starting?
Partnership
100
a business that gathers raw goods
Producer
100
What does limited liability mean in a corporation?
If your company loses money, the stockholders lose ONLY what they invested. Since your corporation exists separately from you, if it goes out of business you can't have personal personal or savings taken away from you.
100
Draw a Venn Diagram on the board to show how a sole proprietorship and partnership how they are different and alike. (Write one characteristic of each).
100
What does an intermediary do?
200
What is a Franchise?
a franchisor, who establishes the brand's trademark or trade name and a business system, and a franchisee, who pays a royalty and often an initial fee for the right to do business under the franchisor's name and system
200
Define service business.
Perform tasks rather than provide goods.
200
Which type of business ownership does stock fall under. Please define stock.
Stock falls under a corporation. Stock means ownership of shares. For each share of common stock, the stockholder or shareholder gets a share of the profits and a vote on how the business is run.
200
What are three types of franchise businesses?
Fast food restaurants
Ice cream shops
Cellphones
Cleaning services
Specialty coffee shops
Lawn Care services
200
What holiday is celebrated on the first Monday in September?
Labor Day
300
What is an advantage and disadvantage of a Non- Profit business?
Advantage: Help a good cause, No Tax
Disadvantage: No Profit
300
A business that moves goods from one business to another
Intermediary
300
Identify three advantages of a sole proprietorship.
•It’s easy to start
•You get to be your own boss
•You get to keep all the profits
•The taxes are usually low
•Lot of freedom and flexibility
300
Name 3/5 categories of how businesses are classified.
•Producing raw goods
•Processing raw goods
•Manufacturing goods from raw or processed goods
•Distributing goods
•Providing services
300
Give three examples of service businesses.
Plumber
Barber/Hairstylist
Uber/Lyft
Healthcare
Lawn Care
Cellphone Provider
Manicure/Pedicure
Eye doctor
Door Dash
400
Name a company that is a Corporation, and a company that is a franchise? (Two Companies)
Example: Apple (Corp) McDonald's (Franchise)
Not limited to this list.
400
What is a Processor
a business that changes raw materials into more finished products
400
Name the the three alternative ways to do business.
Franchise
Non-profit organization
Cooperative (Co-op)
400
Name two disadvantages of a franchise.
The disadvantage of running a franchise is that the franchisor is often very strict about how the business is run.
You might be limited in what products and services you can offer customers.
400
What is the difference between a producer and a processor?
A producer gathers, or creates raw products. A processor changes raw products into more finished products.
crude oil turned into gasoline
iron turned into steel
Paper mills, oil refineries, smelting plants. A smelting plant is an industrial location where metal is extracted for raw ore. Common examples of metal smelting include tin, lead, copper, bronze, and iron. The extraction of pure aluminum is also called smelting, although the process is significantly different from that of the other ores.
500
The highest percentage of businesses in the USA use what type of Business Ownership?
Sole Proprietorship
500
Define Manufacturer and give me an example of any product they might produce.
a business that makes finished products out of processed goods
Car, CDs, Computers, TV's refrigerators, stoves, radio, keyboard, cellphone, table, pencil sharpener, or printer.
Not limited to this list.
500
What is the main purpose of a Non-profit Organization? Give four examples of this type of business.
A nonprofit organization is a type of business that focuses on providing a service rather than making a profit.
The American Red Cross/Goodwill Industry/Habitat for Community/St. Jude’s Hospital
Meals on Wheels/The Salvation Army/The YMCA/ Local Churches/Ronald McDonald House/ASPCA/PBS
American Cancer Society/The Boys and Girls Club/United Way/Make A Wish Foundation
500
Name 2 Advantages of a Corporation over the other types of Business Ownership
Limited Liability
Ability to Sell Stock
No matter what happens to owner the business continues
Room for Growth
500
If a partner make a bad business decision, what responsibility do the other partners have?
All other partners share responsibility of a bad decision.