Terms
Entrepreneurship
Proprietorship
Partnership
In One Word
100
This must be done before starting your own business
What is the business plan
100
People who take on the responsibility of developing new innovation in a larger company
What is an intrepreneur
100
Those to whom money is owed
Who is creditors
100
The form of organization or business that is best suited for a partnership
What is one that furnishes more than one product or service
100
As a sole proprietor, my home is not at risk if my business fails.
What is false
200
Owners Equity = Assets - Liabilities
What is balance sheet
200
SBDC
What is Small Business Development Center
200
These people are often those who serve as part-time proprietors
Who are stay-at-home parents
200
The maximum number of people that can be owners in a partnership
What is there is no maximum
200
My personal credit score will affect my ability to obtain credit for my business.
What is true
300
Liability of each member of a partnership for all the debts of the business
What is unlimited financial responsibility
300
SBA
What is Small Business Administration
300
The type of business best suited to be a proprietorship
What is service business
300
Restricts the liability of a partner to the amount of the partner's investment
What is limited partnership
300
A partnership can have a predetermined length of it's life
What is true
400
More than one owner of a business
What is partnership
400
How many elements are there to a business plan?
What is five (5)
400
The four disadvantages to proprietorships
What are 1.Owner may lack necessary skills and abilities 2.Owner may lack funds 3.Owner bears all losses 4.illness or death may close the business
400
Name at lest four (4) disadvantages of partnerships
What are 1.Unlimited financial liability 2.Disagreement among partners 3.Each partner bound by contracts of others 4.Uncertain life 5.Limited sources of capital 6.Unsatisfactory division of profits 7.Difficulty in withdrawing from partnership
400
A lender will not ask for my business plan prior to allowing me to borrow money
What is false
500
Define Business Plan
What is a written document that describes the nature of the business, its goals and objectives, and how they will be achieved.
500
Explain why small businesses often fail
What is financial reasons
500
The six advantages to being a sole proprietor?
What are 1.Owner is boss 2.Owner receives all profits 3.Owner personally knows employees and customers 4.Owner can act quickly in decision making 5.Owner is free form red tape 6.Pay less income tax than a corporation
500
Name at least five advantages to partnerships
What are 1.skills and abilities pooled 2.Sources of capital inccreased 3.Credit position iproved 4.Contribution of goodwill 5.Increased concern in business management 6.Lower tax burden than corporations 7.reduction in competition 8.Retirement from management 9.Operating Economies
500
The following three words have refer to the same person/business: sole proprietorship, proprietorship, proprietor
What is yes
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