Business Structures Flashcard

Front

What are the disadvantages of a partnership?

Back

Unlimited personal liability.

Front

What are the advantages of a sole proprietorship?

Back

Easy setup and complete control

Front

List the different types of partnerships.

Back

General partnership, Limited partnership, Limited liability partnership

Front

What is the main difference between a bank and a credit union?

Back

Banks are for-profit, while credit unions are not-for-profit.

Front

What is freelance work?

Back

Providing professional services on a contract basis

Front

What is gross income?

Back

Total amount earned before taxes and deductions

Front

What is net income?

Back

Amount of money after taxes and deductions

Front

What does good credit help you do?

Back

Obtain loans and favorable interest rates

Front

What is a credit score?

Back

A three-digit score for individuals.

Front

What is the main difference between buying and leasing an item?

Back

Buying gives you ownership, leasing does not.