Show:
Sole Proprietorship
Partnership
Corporations
True or False
Wildcard
100
What is a Sole Proprietorship?
What is a business owned by one person.
100
What do you need to start a partnership?
What is a partnership agreement.
100

What do you need to form a corporation?

What is Articles of Incoporation.

100

Sole Proprietorships have limited liabilities.

What is False.

100
Give me an example of a franchise.
What is McDonald's restaurant
200

What happens to a sole proprietorship when the owner no longer wants to run the business?

What is the business ends.

200
Who is responsible if one partner makes a mistake?
What is all partners.
200
What is the major advantage of a corporation?
What is limited liability.
200
Sole Proprietorships' taxes are lower than a corporation's.
What is True.
200
What is unlimited liability?
What is when the owner is responsible for the company's debts.
300
What kind of liability does a Sole Proprietor have?
What is unlimited.
300

What type of liablity do partnerships have? 

What is unlimited liablity.

300

The body of people who buy peices of the company giving the ownership rights are called.

What is shareholders.

300

Corporations have unlimited liabilities.

What is False.

300

Which type of business has the disadvantage, where they tend to run out of money easier than others and are less likely to receive a bank loan.

What is Sole Proprietorships.

400

What are 2 disadvantages of a sole proprietorship?

What is limited talent

limited finances

limited life

unlimited liability.

400

What are two disadvantages of a partnership? 

Answers may vary
400

What is the governing body of elected people who watch over the CEO? 

What is the Board of Directors

400
Corporations have more government regulation.
What is True.
400

What is the pourpose of Royalty fee? 

An on going fee paid to the franchior for their promission to use their logo and proven business model (recipes etc.) 

500

What do you have to file if you would like to do business under a name other than your own as a Sole Proprietor? 

What is a DBA or Doing Business As

500

Give me two reasons why a partnership is easy.

What is easier to obtain credit and easier to obtain capital. All the partners make decisions together The partners bring different skills and talents to the business

500

What does Double-Taxation means?

What is income is taxed and stockholders pay taxes on profits issued to them

500

To open a Chick-fli-a you must pay a $10,000 initial fee, a 15% royalty fee and 50% of all profits.

What is True.

500

The Royalty Fee is a precent paid of which of the company earnings? 

What is Sales Revenue