Small Business Babyyyy
What is the metal or plastic tube around the end of a shoelace called?
aglet
To start a business you can franchise, buy an existing business, or do what?
Start from scratch
This kind of business has low start up cost, owned by a single person, and unlimited liability.
Sole Proprietorship
The process of seeking business opportunities under conditions of risk
Entrepreneurship
Two businesses, Shelly Shoes and Freddy Flip Flops, collaborate to create and run a new shoe store business that is owned by both businesses. What is this action called?
Joint Venture
What industry group makes up for the largest segment of small business enterprise?
Service
This is one of the three ways to start a business. In this way you may be obligated to contribute a percentage of your sales to a parent corporation.
Franchising
This type of corporation has tax benefits like a partnership, while protected with the liability like a normal corporation.
LLC (Limited Liability Corp) or a Subchapter S/S corp
Who was the richest person in America in 2022?
Elon Musk
When a company sells/sets up a part of its business as a new company to create profit.
Spin-off
Who/What are the owners of a corporation called?
Stockholders or Shareholders
Are lending institutions are more likely to help finance the purchase of an existing business or a start-up of a business from scratch?
Existing Business as the existing business risks are better understood.
Freddy Mercury was the lead singer for which famous band?
Queen
The name of the document that summarizes an entrepreneur's business strategies for a proposed new venture. (Hint: You are making one this year)
Business Plan
SweetSurfShop purchases another company, BoardDudes. What is this an example of?
Acquisition
True or False
Manufacturing is overwhelmingly handled by small businesses.
False, only 3.46% of small businesses are manufacturing businesses.
What planet has the most moons?
Jupiter, with at least 67 known moons
What type of company has stock that is widely held and available for sale to the general public.
Public Corporation
A situation where an entrepreneur can take action to make a profit.
Example: Market trends show that more people are demanding luxury products, so it would be beneficial for Prada to open a new store.
Entrepreneurial Opportunity
Nike is organized as a corporation. Its income will be taxed at the corporate level and also on dividends to shareholders. What is this situation known as?
Double Taxation
This is the government agency charged with assisting small businesses. It has the abbreviation SBA.
Small Business Administration
These kinds of companies borrow money from the SBA/federal government in order to help finance/invest in small businesses. The abbreviation is SBIC.
Small Business Investment Company
A type of corporation, often used by lawyers or doctors, that has limited business liability, but unlimited professional liability (like a medical malpractice lawsuit)
Professional Corporation
Who was the richest person in America in 2004
Bill Gates
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