ITB Day 6 Class Slides

Open Ended

What subscription services do you subscribe to?

Multiple Select

Which of the following are objectives you should be able to achieve after reading this chapter?

• Explain the difference between types of businesses

• Understand how to invest in the stock market

• Differentiate between forms of business ownership

• Understand business models

Open Ended

Describe two ways in which the Franchise business model differs from the Direct Sales model.

Multiple Choice

Which of the following are examples of the Freemium business model?

• Games that are free to play but charge for extra features

• Chain restaurants

• Social media and online sales

• Magazines and streaming video

Open Ended

Explain how organizational design can impact the effectiveness of a business. Provide examples based on the types of businesses discussed.

Multiple Choice

What are the main differences between for-profit and not-for-profit businesses?

• For-profit businesses aim to generate income for owners, while not-for-profit businesses aim to benefit public interest.

• For-profit businesses do not have to spend money on producing goods and services, while not-for-profit businesses do.

• Not-for-profit businesses are always larger than for-profit businesses.

• For-profit businesses cannot have organizational designs.

Multiple Choice

Which form of business ownership provides limited liability and requires articles of organization and an operating agreement for start-up paperwork?

• Sole Proprietorship

• Partnership

• Corporation

• Limited Liability Company (LLC)

Multiple Select

Which of the following are disadvantages of a sole proprietorship?

• Unlimited liability

• Limited capacity

• Difficult to find investors

• Double taxation

Open Ended

Explain the main differences between a sole proprietorship and a partnership in terms of ownership, liability, and advantages.

Open Ended

Describe the role of the board of directors in a corporation and explain why their responsibilities are important for the business.

Multiple Choice

What is a major disadvantage of corporations compared to other forms of business ownership?

• Unlimited liability

• Double taxation

• Limited life

• Owner keeps all profits

Multiple Choice

Which of the following is an advantage of forming a Limited Liability Company (LLC)?

• Limited liability

• Filing fees

• Self-employment tax

• No national laws for operation

Open Ended

Compare the advantages and disadvantages of Limited Liability Companies (LLCs) and Cooperatives. How might these differences influence a business owner's decision when choosing a business structure?

Multiple Choice

Which of the following should be considered when getting started with your business?

• Start-up costs

• Profit potential

• Consumer needs

• All of the above

Multiple Choice

Which of the following is NOT a type of business?

• Sole proprietorship

• Partnership

• Monopoly

• Democracy

Open Ended

What are some key characteristics that define a business?