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100
What is a written document that describes how to achieve the goals of a business?
A Business Plan
100
Ownership of a corporation is measured in what?
What are shares?
100
In which type of partnership is the liability of a partner limited to the amount of the partner's investment?
A limited partnership
100
Does a stockholder have the same financial responsibility in a business as a partner does?
NO, they do not.
100
A cooperative provides members with both cost and profit advantages they wouldn't have individually. True or False?
What is TRUE?
200
What helps entrepreneurs wee the risks and responsibilities involved in starting a business?
A Business Plan
200
Can a corporation make contracts, borrow money, and be sued?
YES
200
About how many businesses (percentage-wise) fail within the first 5-6 years?
Around half (50%)
200
What is the most common form of business organization?
A proprietorship
200
Stockholders of a company are the ones who decide when dividends will be distributed. True or False?
False
300
A corporation is authorized to act as if it were a single person by whom?
The state in which it is incorporated
300
Who would have the first claim against the assets of a sole proprietorship if the business declared bankruptcy?
Creditors
300
If a business has assets valued at $500,000 and capital amounts of $350,000, what would their liabilities be?
$150,000
300
What is one of the main reasons that a lot of proprietorships fail within a short time?
The owner lacks needed skills
300
Which is true about entrepreneurs? A. Entrepreneurs usually work hard and for long hours. B. Entrepreneurs would rather work for others. C. Entrepreneurs usually give up quickly when their businesses are not immediately successful. D. Entrepreneurs prefer to assign the decision making responsibility to their employees.
A. Entrepreneurs usually work hard and for long hours.
400
What is a corporation called that does not offer its shares of stock for public sale?
A closed corporation
400
What is property owned by a business called?
Assets
400
A stockholder who can't attend a shareholders' meeting can submit their vote how? A. dividend B. proxy C. contract D. waiver
B. proxy
400
What are the owners of a corporation called?
Stockholders
400
What is a statement of financial position for a business called?
A balance sheet A = L + OE
500
What is the difference between a company's assets and liabilities called?
Capital
500
The official document that gives power to run a corporation is called what? A. proxy B. certificate of power C. charter D. business statement
C. charter
500
Who makes up the ruling body of a corporation? A. company president B. stockholders C. congress D. elected people
B. stockholders
500
If a business has a balance sheet that shows assets valued at $100,000 and a capital balance valued at $100,000, would that business be considered to be in a strong or a weak financial position?
A weak one
500
A disadvantage of being in a partnership that fails is that anyone in the partnership can lose personal assets in addition to the amount of money that is invested in the business. True or False?
True