Business Fundamentals

Forms of Business Ownership

100

This is an unincorporated business that is owned by one individual (Government of Canada, 2022)

Sole Proprietorship

200

This is an association or relationship between two or more individuals, corporations or trusts (Government of Canada, 2022)

Partnership

300

This type of business grants a licence for the use of their trade-mark or trade name for a fee (Government of Canada, 2021)

Franchise

Different Types of Businesses

100

This type of corporation is operated either by provincial governments of the federal government as a means to pursue economic and social objectives (Ontario Business Studies Curriculum, 2006)

Crown

200

This type of business is the sale of goods or services that is direct from the business to customer for their own personal use

Retail

300

The Salvation Army is a type of this business

Not for profit

Reasons for one type of business over another

100

These are expenses incurred during the process of creating a new business (Investopedia, 2022)

Start up costs

200

Anything that threatens a company’s ability to achieve its financial goals is considered what (Investopedia, 2022)

Business Risk

300

This type of business has its primary office in the owner’s home

Home-based business

Different business structures adopted by international business ventures

100

McDonalds is a type of this business

Franchise

200

This type of business structure is a business arrangement in which two or more parties agree to work together using their resources to accomplish a specific task, for the duration of a project (Investopedia, 2023)

Joint Venture

300

Walmart is a type of this international business venture

Multinational corporation