What is a Business Warm Up

Front

A business is:

Back

an organization that provides goods or services to earn a profit

Front

The different types of business structures include which of the following? Sole proprietorship, partnership, corporation, and limited liability company (LLC)

Back

Sole proprietorship, partnership, corporation, and limited liability company (LLC)

Front

Profit and non-profit organizations are distinguished by which of the following characteristics?

Back

Profit organizations aim to earn profits, while non-profit organizations aim to serve a social cause.

Front

The role of innovation in business is to:

Back

Drive growth and competitiveness

Front

The role of ethics in business is to:

Back

Guide decision-making and promote trust

Front

What is the main purpose of a business?

Back

To provide goods or services to consumers in exchange for money

Front

Fill in the blank: ______ is a type of business.

Back

Partnership

Front

A sole proprietorship is owned and operated by ________.

Back

one individual

Front

In a sole proprietorship, the owner receives all profits and is responsible for all ________.

Back

debts

Front

Sole proprietorships are typically used for ________ or freelancers.

Back

small businesses