ENT U3 Entrepreneurship and the Economy Test

Front

What is a Sole Proprietorship?

Back

A business owned and operated by one individual.

Front

What is a Partnership?

Back

A business owned by two or more individuals.

Front

What is a Corporation?

Back

A business that is a separate legal entity owned by shareholders.

Front

What is an S-Corporation?

Back

A corporation that is taxed as a partnership.

Front

What is a Limited Liability Corporation (LLC)?

Back

A business structure that offers limited liability to its owners.

Front

What is a Franchise?

Back

A business model where individuals can buy the rights to open and operate a branch of an established company.

Front

What are Needs?

Back

Items that are essential for survival.

Front

What are Wants?

Back

Items that are desired but not essential for survival.

Front

What is Scarcity?

Back

The limited availability of resources.

Front

What is Economics?

Back

The study of how societies use limited resources.