Entrepreneurship Review Utah

Front

What is an invoice?

Back

A bill

Front

Charlie owns a business and is trying to figure out his assets and liabilities. Which core financial statement should he use?

Back

Balance sheet

Front

What does an income statement track?

Back

Both

Front

What are the 5 types of financial ratios?

Back

Liquidity, Leverage, Efficiency, Profitability, Market

Front

This is a business owned by one person

Back

Sole Proprietorship

Front

The following are all disadvantages of entrepreneurship, EXCEPT? High risk of business failure, Possibility of low/no income, Stress, Long work hours.

Back

Potential for high income

Front

The right or license granted by a company to an individual or group to market its products or services in a specific territory

Back

Franchise

Front

This is a legal entity owned by stockholders and operated by a board of directors. It operates as a separate legal entity apart from the owners.

Back

Corporation

Front

this is a hybrid business entity having certain characteristics of both a corporation and a partnership or sole proprietorship (depending on how many owners there are.

Back

Limited Liability Company

Front

Select all of the ways to enter a business: Open a new business, Buy an existing business, Buy a franchise, Join the family business.

Back

All of the above