A business owned and managed by a single individual.
What is Sole Proprietorship.
100
List at least 2 Advantages of a Sole Proprietorship.
What is 1.) Easy to start. 2.) Few regulations. 3.) Sole proprietor has full control and gains full profit.
100
List at least 2 Disadvantages of a Sole Proprietorship.
What is 1.) Unlimited personal liability, 2.) limited access to resources, 3.) Limited life, 4.) has trouble finding and keeping good employees.
100
What percentage does a Sole Proprietorship account for all business?
What is 75%
100
List at least 2 examples of a Sole Proprietorship.
What is 1.) local bakery, 2.) local barber shop, 3.) hair salon.
200
A business organization owned by two or more persons who agree on a specific division of responsibility.
What is Partnership.
200
List at least 2 Advantages of a Partnership.
What is 1.) Easy to establish, 2.) Few Regulations, 3.) Shared decision making.
200
List at least 2 Disadvantages of a Partnership.
What is 1.) Unlimited liability, 2.) Potential for conflict, 3.) Profits must be shared.
200
What percentage does a Partnership account for all business?
What is 7%
200
List at least 2 examples of a Partnerhsip.
What is 1.) A Law firm, 2.) A single resturaunt (one of a kind)
300
A legal entity, or being, owned by individual stockholders, each whom faces limited liability for the firm's debts.
What is Corporation.
300
List at least 2 Advantages of a Corporation.
What is 1.) Limited liability for owners, 2.) Transferable ownership, 3.) ability to attract capital.
300
List at least 2 Disadvantages of a Corporation.
What is 1.) Expensive and difficult to start, 2.) Double taxation.
300
What percentage does a Corporation account for all business?
What is 20%
300
List at least 2 examples of a Franchise.
What is 1.) Subway, 2.) H&R Block, 3.) Wingstop
400
A right to sell a good or service within an exclusive market.
What is Franchise.
400
List at least 1 Advantage of a Merger.
What is 1.) a firm can operate more efficiently
400
List at least 2 Disadvantages of a Merger.
What is 1.) Merger must be approved by votes of the stockholders at each firm, 2.) Can be costly.
400
What percentage does a Franchise account for all business?
What is 40%
400
List at least 2 examples of a Merger.
What is 1.) Disney and Pixar, 2.) Joining of Continental and United Airlines.
500
A combination of two or more companies into a single firm.
What is Merger.
500
List at least 2 Advantages of a Franchise.
What is 1.) Management training and support, 2.) Standardized quality, 3.) National advertising programs, 4.) Financial assistance, 5.) Centralized buying power.
500
List at least 2 Disadvantages of a Franchise.
What is 1.) High Fees and royalties, 2.) Strict operating standards, 3.) Purchasing restrictions, 4.) Limited product line.
500
What percentage does a Multinational Corporation account for all business?