PBMF Fall Semester Exam Review

Front

What is the primary aim of a for-profit company?

Back

To generate profit

Front

Which type of organization prioritizes a specific mission or cause?

Back

A nonprofit organization

Front

What type of business focuses on extracting raw materials?

Back

Extractor

Front

Identify a service-oriented business example: A salon, A real estate developer, A manufacturing plant, A legal consultancy

Back

A salon

Front

What role does the NAICS play?

Back

Categorizing industries

Front

A business that connects producers to consumers is called:

Back

A retailer

Front

A sole proprietorship is:

Back

Owned by one individual

Front

What term describes a company owned by multiple individuals?

Back

Corporation

Front

What is a primary benefit of forming a corporation?

Back

Reduced liability for owners

Front

What does LLC represent?

Back

Limited Liability Company