The Process of starting and operating your own business
What is Entrepreneurship
100
Junior and Gavin are teenage friends who earn money on the weekends by pressure washing driveways for neighborhood homeowners. Junior and Gavin are Entpreneurs.
What is True
100
Franchise
What is a legal agreement to sell a parent company's product or services in a designated geographic area.
100
What form of business organization can own assets and borrow money without directly involving the people who own it, and therefore it is more closely regulated by the government than other business organizations?
A. Corporation C. Sole Proprietorship
B. Family owned business D. General Partnership
What is A. Corporation
100
Legal entity created by either a state or federal statute authorization individuals to operate an enterprise.
What is Corporation
200
Entrepreneurs
What are people who create, launch, organize, and mange an new business and take the risk of business ownership.
200
Two Thirds of all new businesses fail in the first year of operation.
What is False
200
A business owned and operated by one person.
What is Sole-Proprietorship
200
What form of business ownership is subject to the least amount of taxation and government.
A. Sole Proprietorship C. Limited partnership
B. Family-owned business D. Subchapter S Corporation
What is A. Sole Proprietorship
200
DBA (Doing business as)
What is the registration by which the county government officially recognizes that a new proprietorship or partnership exists.
300
Personal freedom, personal satisfaction, increased self-esteem, increased income.
What are Advantages of Entrepreneuship
300
A person who purchases a franchise decides how the business will be advertised and managed.
What is False
300
Unlimited Liability
What is a business owner's financial liability is not limited to investments in the business, but extends to his or her total ability to make payments.
300
Entering business in what manner can mean a high purchase price and high initial operating fees.
A. starting one's own business in a storefront location
B. buying an existing non-franchise
C. buying in to a family business
D. buying an existing franchise business
What is D. buying an existing franchise business
300
The owners of a new business usually find that their start-up costs are so high that the business does not provide enough money for the owners' personal financial needs. This condition of limited funds is referred to as a(n) ___________________ cash flow
Included in the personal characteristics of many entrepreneurs are excellent organizational skills, a love of adventure, and a relative who is an entrepreneur.
What is True
400
Legal agreement between two or more people to be jointly responsible for the success or failure of a business.
What is Partnership
400
What is the form of business that is at the greatest disadvantage if one of its owners dies?
A. corporation C. Subchapter S Corporation
B. partnership D. franchise
What is B. Partnership
400
The legal term describing the owner of a franchise business operation is _______________________
What is Franchisor
500
High level of stress, possible setbacks, risk of failure, potential loss of income, long irregular hours.
What are disadvantages of being an Entrepreneur
500
There are 4 ways to enter business. Explain.
What is True, (1) Purchase an existing nonfranchise business, (2) Take over the family business, (3) start a new business, (4) purchase a franchise business.
500
Each partner shares in the profits and losses.
What is General Partnership
500
What is the age range of the majority of new entrepreneurs?
A. 21 to 30 years C. 41 to 55 years
C. 31 to 40 years D. There is no average age