Small Business Basics

What type of company is a mix of a partnership and a corporation?

• S corporation
• a hedge fund
• Limited Liability Company
• charity

This type of company has only one worker who is also the owner?

• sole proprietorship
• general partnership
• C corporation
• LLC

What is a proprietor?

• a new customer
• a venture capitalist
• an engine repair person
• a business owner

a venture capitalist is...

• someone will to risk money on another person's business.
• a type of marketing strategy.
• someone currently going bankrupt.
• A person who starts a business of their own.

Pick the best answer.
Start-up costs can include...

• price of advertising
• rent for a business location
• cost of making your product
• all of these answers

The target customer for a new bookbag would be...

• teachers
• librarians
• students
• elderly people

Chelsea repairs iphone screens for cash. She works out of her apartment and advertises on social media.  Her target customers are other college students. What is she selling?

• iphones
• a repair service
• iphone screens
• advertisements

Chelsea repairs iphone screens for cash.She advertises on social media by saying she can fix your phone for cheaper than the Apple Store.  Her target customers are other college students so she gives them a discount. These are examples of Chelsea's....

• marketing strategy
• business plan
• economics of one unit
• partnerships

Chelsea had to buy a few replacement screens and a magnifying glass to speed up her service time. When she bought this stuff she was making...

• an insider trade
• a business proposal
• a mistake
• investment in her business

Chelsea charges customers $150 to fix an iphone. She pays $40 for each replacement screens she puts on a phone. What is her profit from fixing one iphone?

• $110
• $190
• $600
• $150