A system of recording financial activity and transactions in a business. The "money" part of a business.
Accounting
100
A business owned by one person.
Sole Proprietorship
100
In a sole proprietorship, this person is responsible for everything involved with the business.
Owner
100
A business owned by two or more people
Partnership
100
In a partnership, it is easier to obtain capital than in a sole proprietorship (yes/no)
Yes
200
The use of technology to share knowledge, facts, and data to others. (ex. Maintaining hardware and databases)
Information Technology
200
Easy to start, "Be your own boss", and keeping ALL profits, are considered:
Advantages
200
A virtual location from which your business conducts its activities.
E-Business
200
Relatively easy to start, sharing skills/talents, and shared risks in the business are referred to as:
Advantages
200
A binding agreement between two or more persons or parties that is legally enforceable.
Contract
300
How businesses make people aware of their goods/services. (Product, price, place, and promotion)
Marketing
300
Having to pay for everything needed, difficulty obtaining capital, lack of business skills, and unlimited liability are considered:
Disadvantages
300
A physical location from which your business conducts its activities.
Brick-and-Mortar
300
Partnership issues, sharing profits, and unlimited liability are referred to as:
Disadvantages
300
A contract that defines the responsibilities, liability, and portion of the company owned by each partner
Partnership Agreement
400
Effectively working with people and using resources to accomplish the organization's goals.
Management
400
What is money needed to start a business?
Capital
400
In a sole proprietorship; If you have employees working for your business, do you get to keep all of the profit your business makes? (Yes or no)
Yes
400
Is Apple a partnership? (Yes/no)
No
400
When partners share the responsibility even if it is the fault of only one partner:
Unlimited liability
500
Manages the employee relations with a company; helps develop the skills and knowledge necessary to be successful while on the job.
Human Resources
500
What is the example situation that involves losing MORE money than initially invested in a business? (hint: borrowing money, loans)
Having to pay interest on top of the loan/amount borrowed
500
John is not experienced in the business field, makes poor decisions, and knows nothing about today's market. Therefore he must have:
A lack of business skills
500
Seeing business names such as "Ben and Jerry's", "Tom and Ray's Auto Body Repair", and "J&S Law Services" would lead you to believe they are partnerships because:
The titles contain the names of the owners.
500
Negative things such as food poisoning, under cooked food, and bad publicity in which the responsibility is shared between the partners are considered: