Nocti Week 1 Assessment

A person who organizes and operates a business or business, taking on the financial risk to do so is an entrepreneur.

• True
• False

A business entity owned and run by one person.

• Partnership
• Sole Proprietorship
• Limited Liability Corporation
• Corporation

An association of two or more people as partners.

• Sole Proprietorship
• Corporation
• Limited Liability Corporation
• Partnership

Lawfully recognized company or group authorized to act as a single entity.

• Partnership
• Sole Proprietorship
• Corporation
• Limited Liability Corporation

Flexible form of enterprise, blends elements of partnership and corporate structures.

• Limited Liability Corporation
• Corporation
• Partnership
• Sole Proprietorship

Anything owned by an individual or company.

• Liability
• Asset
• Owner's Equity
• Executive Summary

Anything owed by an individual or company.

• Liability
• Asset
• Owner's Equity
• Executive Summary

The extent to what you own exceeds what you owe.

• Asset
• Liability
• Owner's Equity
• Executive Summary

Part of the business plan that is written last and summarizes the rest of the document.

• Business plan
• Executive Summary
• Vision
• Mission Statement

Which type of planning is done routinely by lower level managers?

• Operating
• Controlling
• Organizing
• Planning