IBT Final Exam Review (Spring)

Front

What is the most common legal structure of business ownership?

Back

Sole proprietorship

Front

Which form of ownership is the easiest to start?

Back

Sole proprietorship

Front

What is an advantage of a Corporation?

Back

Corporation's individual stockholders are not responsible for debts.

Front

Unlimited liability

Back

Owner's can lose everything they own.

Front

In a corporation, people who invest in a company by purchasing stock are called?

Back

Stockholders

Front

Someone who recognizes a business opportunity and organizes, manages, and assumes the risks of starting a business.

Back

Entrepreneur

Front

Which one of the following statements is true about entrepreneurs?

Back

Entrepreneurs usually work hard and for long hours.

Front

What is one of the risks of being an entrepreneur?

Back

All of the above: Being fully responsible means the success or failure of your business rests on you, problems can happen that you don’t expect, and you may not get a paycheck.

Front

What are the characteristics of an entrepreneur?

Back

determined & responsible

Front

The type of document that describes all the steps necessary in opening and operating a successful business.

Back

business plan