Business benefits/disadvantages
What is the most common type of business in the United States?
Sole proprietorships
What type of business has one owner and is taxed personally?
People who own a part of the corporation are called _______________.
Stockholders
Government agency created by Congress to assist, counsel, and protect the interests of small businesses in the US.
Small Business Administration (SBA)
Franchise
Corporations lack what, due to government requirements to submit detailed reports to stockholders and government agencies.
Lack secrecy
What describes an individual who has undertaken full co-ownership of a partnership, including limitless liability?
General Partner
What type of stockowner will be paid first?
Preferred stock
Place where a new entrepreneur go for free support to learn about and start their business?
Small Business Development Center (SBDC)
An individual or organization granting a franchise.
Franchisor
Speaking of government regulation, what type of business has the MOST restrictions?
Corporations
What type of agreement/document would include the following: Partner's names, investments, nature of business, partner duties?
Articles of partnership
A distribution of earnings to stockholders is referred to as a _______________.
Dividend
What is an industry not dominated by small businesses?
Manufacturing
A person or organization purchasing a franchise.
Franchisee
When the management and board of directors in one company disapprove of the acquisition and merger of their company, this is referred to as a ___________ _____________.
Hostile takeover
What title describes the person that provides money for a business but has no management duties?
Limited partner
Common stock carries all the following rights except the right to _______.
receive part of the profit before other classes of stock
Businesses such as flower shops, restaurants, bed and breakfasts, and automobile repair are good candidates for entrepreneurs because they _______.
have a relatively low initial investment
A carefully constructed guide for a person or persons starting a business.
Business Plan
The major reason why businesses change from sole proprietorships to other forms of ownership is to _______.
improve their ability to borrow money.
What is the highest level of hierarchy in a corporation?
Board of Directors
This type of corporation's stock is owned by relatively few people and not sold to the general public is called a _________________ _____________________.
Closed corporation
You have just opened a new small business. You're really happy to learn that studies show that small-business workers_______.
are more innovative than workers in large businesses