Final Exam Review

Front

Which of the following is NOT a type of business structure? Partnership, Sole proprietorship, Franchise

Back

Entrepreneurship

Front

Which of the following is defined as a business which is owned and operated by one individual? Options: Partnership, Sole proprietorship, Entrepreneurship, Franchise

Back

Sole proprietorship

Front

Advertising includes all of the following EXCEPT; Billboards, Commercials, Magazine Ads, Online Ratings

Back

Online Ratings

Front

Which of the following is defined as a business in which partners have an unequal share and liability in the business? Options: Sole partnership, Limited liability partnership, General partnership, Franchise partnership

Back

Limited liability partnership

Front

Which of the following is a type of business which operates as a separate legal entity? Options: Corporation, Franchise, Partnership, Sole partnership

Back

Corporation

Front

Which of the following is a disadvantage of being a general partner? Options: You share all the risk, Name recognition, Shared advertising expenses, Must follow the limited partner’s rules and expectations

Back

You share all the risk

Front

Which of the following is the most common form of business ownership? Corporation, Franchise, Partnership, Sole proprietorship

Back

Sole proprietorship

Front

The pursuit of identifying the optimum price for a product is known as?

Back

Pricing Strategy

Front

In which document do you normally allocate profits and losses? Options: Dissolution of Partnership, Partnership Agreement, Business Plan, Executive Summary

Back

Dissolution of Partnership

Front

Which type of business is the most complicated form of business? Options: Partnership, Sole proprietorship, Corporation, Joint Venture

Back

Corporation