
Starting Your Own Business Flashcard
Flashcard
•
English
•
8th Grade
•
Practice Problem
•
Hard
Wayground Content
FREE Resource
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15 questions
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1.
FLASHCARD QUESTION
Front
What is Multi-Level Marketing (MLM)?
Back
A business model where the owner sells products and recruits others to sell products, earning commissions on their sales.
2.
FLASHCARD QUESTION
Front
What is a Sole Proprietorship?
Back
A type of business owned and operated by one individual, where the owner is personally liable for all business debts.
3.
FLASHCARD QUESTION
Front
What is an Employer Identification Number (EIN)?
Back
A unique number assigned by the IRS to businesses for tax purposes, required to open a business checking account.
4.
FLASHCARD QUESTION
Front
What is a benefit of having a Sole Proprietorship?
Back
It is easy to set up and manage, allowing the owner full control over the business.
5.
FLASHCARD QUESTION
Front
Why is it not advisable to borrow money for a business on a credit card?
Back
Credit cards often have high interest rates, which can lead to significant debt and financial strain.
6.
FLASHCARD QUESTION
Front
What is a Franchise?
Back
A business model where an individual (franchisee) is granted the rights to operate a business under the brand of a larger company (franchisor).
7.
FLASHCARD QUESTION
Front
What is a Corporation?
Back
A legal entity that is separate from its owners, providing limited liability protection to its shareholders.
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