Unit 2 Part 3 Review EXTRA CREDIT REVIEW

Front

This type of business is owned by one person.

Back

Sole Proprietorship

Front

This type of business is owned by two or more people.

Back

Partnership

Front

This type of business is a contractual agreement with a parent company to sell its products/services in an area.

Back

Franchise

Front

McDonald's and Burger King are examples of....

Back

Franchises

Front

Advantages of this business type are that the owner is their own boss and gets to keep all the profits. Options: Partnership, Sole Proprietorship, Corporation, Franchise

Back

Sole Proprietorship

Front

Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability. What type of business is this? Options: Sole Proprietorship, Partnership, Corporation, Franchise

Back

Sole Proprietorship

Front

Disadvantages of this business type include: needs a partnership agreement, partners might not get along, owners share profits, unlimited liability.

Back

Partnership

Front

any resource the business will need to create value for its customer, such as staff, capital, or intellectual property

Back

Key Resources

Front

Advantages of this type of business include: easy to start, and you can rely on a good company name and expertise.

Back

Franchise

Front

Disadvantages for this type of business include: the owner pays for everything, hard to get money to start from the bank, the owner might lack skills & unlimited liability.

Back

sole proprietorship