Every business begins with a person who has an idea about how to earn money and the drive to follow through on the idea to create what?
What is a business organization?
100
Considered the most common type of partnership. It's a partnership in which partners share responsibilities for all business debts and losses.
What is general partnership?
100
The third type of business organizations. Owned by individuals, called shareholders or stockholders.
What is Corporations?
100
Joining of companies that offer the same or similar products or services.
What is a Horizontal Merger?
100
A business made of semi-independent businesses that all offer the same products or services.
What is a franchise.
200
The purpose of most business organizations.
What is to earn a profit?
200
Partnership in which at least one partner is not involved in the day-to-day running of the business and is only liable for the funds he/she has invested.
What is Limited Partnership?
200
What shareholders face for the corporations debts/losses.
What is limited liability?
200
The combining of companies involved in different steps of production or marketing of a product or service.
What is Vertical Merger?
200
The most common type of franchises.
What is a fast food restaurant?
300
When the business ceases to exist after the owner dies, retires, or leaves the business for some reason.
What is Limited Life?
300
Each partner may bring specific skills to the business. This helps promote efficiency.
What is specialization?
300
One retains control over who can buy or sell 'stock' is known as this.
What is a private company?
300
Merger of companies that produce unrelated good or services. Give an example this kind of merger.
What is conglomerate. Ex. Gulf and Western in the 1960's.
300
Type of business operated for the shared benefit of the owners, who are also its customers.
What is Cooperatives.
400
All three disadvantages of a sole proprietorship.
What is 1. Limited funds, 2. Limited Life, 3. Unlimited Liability
400
Disagreements among partners can become so severe that they lead to the closing of a business. This is one of the three disadvantages of partnerships.
What is Potential for Conflict?
400
The three disadvantages of a corporation.
What is 1. Start up cost and effect, 2. Heavy regulation, 3. Double Taxation.
400
Through growth, consolidations, and other means, an enterprise can grow so big that it become this. List one example of it as well.
What is a multinational corporation? Ex. Coca-Cola, Google, McDonald's, Nike, Sony
400
One of the four advantages of a franchise.
What is 1. Level of Independence, 2. The franchiser provides good training in running the business, 3. Provide proven products, as well as material at a low cost, 4. The franchiser would pay for national or regional advertising that would bring in customers.
500
All four advantages of a sole proprietorship.
What is 1. Easy to open or close, 2. Few regulations, 3. Freedom and Control, 4. Owners keep profits.
500
All five advantages of a Partnership.
What is 2. Easy to open and close, 2. Few regulations, 3. Access to Resources, 4. Joint Decision Making, 5. Specialization
500
The four advantages of a corporation.
What is 1. Access to resources, 2. Professional Managers, 3. Limited Liability, 4. Unlimited Life
500
An example of a Horizontal Merger. Hint: Sports
What is Reebok and Adidas in 2005.
500
When people who need the same goods or services band together and act as a business, they can offer low prices by doing this.