Middle School Business Technology Business Entities
Flashcard
•
Other
•
8th Grade
•
Practice Problem
•
Easy
Wayground Content
Used 2+ times
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23 questions
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1.
FLASHCARD QUESTION
Front
What is a sole proprietorship?
Back
A business owned and run by a single person.
2.
FLASHCARD QUESTION
Front
In a sole proprietorship, who has full control of the business?
Back
The single owner
3.
FLASHCARD QUESTION
Front
What is a significant advantage of a sole proprietorship?
Back
Easy to start
4.
FLASHCARD QUESTION
Front
In a partnership, who shares responsibilities and profits?
Back
Two or more people
5.
FLASHCARD QUESTION
Front
What is a potential disadvantage of a partnership? Options: Shared responsibilities, Access to more skills and resources, Potential for disputes, Limited personal liability
Back
Potential for disputes
6.
FLASHCARD QUESTION
Front
What is a corporation's primary characteristic?
Back
A separate legal entity from its owners
7.
FLASHCARD QUESTION
Front
What is an advantage of a corporation?
Back
Limited personal liability
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