An ___________ accepts the risk of starting and running a business.
What is an ENTREPRENEUR
100
In a sole proprietorship, the business organization is owned, and usually managed, by how many people?
What is ONE
100
When entering into a new partnership, the partners should always put their agreement in ______________.
What is IN WRITING
100
A ___________________ is a provincial-chartered legal entity with authority to act and to have liability separate from its owners
What is a CORPORATION
100
Nearly half of home-based businesses are in the _____________ indusrty.
What is SERVICE
200
The importance of entrepreneurs to our economy is that they create __________.
What is JOBS
200
In a sole proprietorship, the profits earned by the business are the property of the ______________?
What is the OWNER
200
One major difference between partnerships and sole proprietorships is that partnerships have a greater chance of long term ________
What is SURVIVAL
200
An owner of a corporation is known as a ___________?
What is SHAREHOLDER
200
Small businesses contribute about ____ percent of Canada's Gross Domestic Product.
What is 40 PERCENT
300
A group of experienced people from different areas of a business joined together to develop, produce, and market a new product is known as an __________ _______________.
What is an ENTREPRENEURIAL TEAM
300
Any debts or damages incurred by a firm organized as a sole proprietorship are the sole responsibility of the _____________ .
What is the OWNER
300
A major drawback of a partnership is that it is difficult to ________.
What is TERMINATE
300
The majority of corporations in Canada are _______ _________.
What are SMALL BUSINESSES
300
The most popular global market for U.S. franchisors has been Canada.
What is TRUE
400
Entrepreneurs don't always focus on what customers need. They also look for what customers _________ need.
What is DON'T
400
Harold wants to start his own business. Harold would be most likely to favour organizing his new company as a sole proprietorship becasue he wants to be his own __________.
What is BOSS
400
Partnershipa area group of _____________ people.
What is 2 or MORE
400
A major advantage of the corporate form of business when compared to sole proprietorships and partnerships is that there is limited _______ of owners?
What is LIABILITY
400
One drawback of franchises is that they have a much higher failure rate than other types of business ventures.
What is FALSE
500
Individuals motivated to start a home-based business allowing them to balance the demands of business and family are called _____________.
What is MICROPRENEURS
500
One of the major advantages of sole proprietorships is that they are easy to form and __________.
What is END
500
When a partnership is formed, each partner can pool their __________ to provide the business with a stronger financial base?
What is FINANCIAL RESOURCES (MONEY)
500
A separation between _________ and management is most likely to occur in a corporation
What is OWNERSHIP
500
Les is a franchisee in the Far Horizons Travel Agency franchise. As a franchisee, Les is guaranteed the right to retain all of his franchise's profits.