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Business Ownership
Advantages & Disadvantages
Vocabulary
Trivia
100
A business operated by an individual or a married couple that has not been legally registered or recognized as a corporation or partnership.
What is a sole proprietorship?
100
* gets to keep all of the profit earned from the business * can operate the business as he or she wants * relatively easy to open
What is advantages of a sole proprietorship?
100
An individual who acts on behalf of others.
What is an agent?
100
Most recent Phillies world series win. (year)
What is 2008?
200
A business operated by two or more people that has not been legally registered or recognized as a corporation.
What is a partnership?
200
* each person may be fully liable for any debts of the business * must share profits and decision-making * hard to transfer ownership
What is disadvantages of a partnership?
200
Situations in which long-run average total cost declines as the output of a firm increases.
What is economies of scale?
200
The year the Flyers won the Stanley Cup
What is 1974-1975 season?
300
A business recognized by state government as a legal entity, separate from the shareholders who own it.
What is a corporation?
300
* have the possibility of more time off * access more financial capital
What is advantages of a partnership?
300
Owners of a corporation are only liable for the amount they have invested in shares of stock for the corporation.
What is limited liability?
300
The year Michael Jackson died.
What is 2009?
400
An owner/stockholder in a corporation.
What/(who) is a principal?
400
* personally raise all financial capital for the business * incur all losses * unlimited liability
What is disadvantages of a sole proprietorship?
400
A party on whose behalf an agent is acting.
What is a principal?
400
The winning team of the 2013 Superbowl.
What is The Baltimore Ravens?
500
Managers and employees in a corporation.
What is/(Who are) an agents?
500
* more rules and regulations * more paper work * income tax rates on earnings * owners pay tax on dividends
What is disadvantages of a corporation?
500
Describes the interaction between two individuals in a contractual relationship where the objectives of the two individuals may differ.
What is the principal-agent model?
500
The year of the next Olympics.
What is 2016?