Ownership and Management

Leaders who control the decision making process themselves are...

• democratic

• autocratic

• open

• situational

This leadership style can be effective in situations where group members are highly qualified in an area of expertise.

• Autocratic

• Democratic

• Open

  Laissez-Faire

• Hands-Off

This leader offers guidance to the group, but also participates in the group and allows input from others.

• Autocratic
• Democratic
• Open/Laissez-Faire
• Situaltional

What type of Business would a small, locally owned Barber shop be?

• Corporation

• Partnership

• Sole proprietorship

• LLC

Dan has $5,000. He wants to invest his money in the type of business that has the least amount of liability. In which type of business should he invest?

• Corporation

• Partnership

• Proprietorship

• LLC

A business partnership has ___________ who share the risks and the profits.

• One owner

• Two to Three owners

• Two or more owners

• Five or more owners

Which of the following is a disadvantage of sole proprietorships:

• Limited capital

• Control

• Profit Margins

• Tax liability

A Corporation is...

• A business owned and managed by one person

• A person or company purchases the ability to run a local business under a larger company's brand

• A business owned by two or more people

• A business owned by a group of people

A Partnership is...

• A business owned by two or more people

• Special type of corporation that is taxed as if it were a sole proprietorship or partnership.

• A person or company purchases the ability to run a local business under a larger company's brand

• An agreement among two or more businesses to work together to provide a good or service

A Sole Proprietorship is...

• A business owned by two or more people

• Business that is important to society but lacks the profit potential to attract private investors

• A business owned and managed by one person

• A business owned by a group of people