Types of Business Ownership FLASHCARDS
Flashcard
•
Business
•
10th Grade
•
Practice Problem
•
Easy
LEIGH ANN DAWSON
Used 9+ times
FREE Resource
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26 questions
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1.
FLASHCARD QUESTION
Front
Before discussing different types of business ownership, which term is identified as important to discuss?
Back
Liability
2.
FLASHCARD QUESTION
Front
How is a business legally structured described when starting a business?
Back
An important consideration and one of many decisions
3.
FLASHCARD QUESTION
Front
Liability is defined as what?
Back
The legal responsibility of an individual or entity for actions, debts, and obligations
4.
FLASHCARD QUESTION
Front
Unlimited liability is defined as what?
Back
Liability that extends beyond an individual’s financial investment in a company
5.
FLASHCARD QUESTION
Front
Limited liability is defined as what?
Back
Liability that restricts an individual’s potential loss to the total amount of their investment in a company
6.
FLASHCARD QUESTION
Front
What is a sole proprietor?
Back
A business owned by one person, where the owner has unlimited liability
7.
FLASHCARD QUESTION
Front
According to the small business guidelines, a small business has how many employees?
Back
Fewer than 500 employees
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