Business & Labor

This type of business is owned by one person.

• Partnership
• Sole Proprietorship
• Corporation
• Franchise

Advantages of this business type are that the owner is their own boss and gets to keep all the profits.

• Partnership
• Sole Proprietorship
• Corporation
• Franchise

A partnership in which all partners assume full personal liability for debts of the firm

• limited partnership
• trading partnership
• non-trading partnership
• general partnership

Partners who are only responsible up to the extent of their investment

• limited partnership
• trading partnership
• non-trading partnership
• special partnership

What is a major advantage of a business that is a partnership rather than a sole proprietorship?

• The responsibility for the business is shared
• The business is easy to set up
• The partners are not responsible for business debts
• The business is easy to sell

Most expensive to start

• Sole Proprietorship
• Partnership
• Corporation

Ownership represented by stock

• Sole Proprietorship
• Partnership
• Corporation

McDonald's, Burger King, and Subway are all examples of

• franchises

• sole proprietorships

• cooperatives

• limited partnerships

Which of the following is unique to a corporation?

• shared liability

• motivated by profits

• sell shares of stock

• offer both goods and services

A publicly held coroporation

• sells stocks on a stock exchange

• sells stock only to those in the company

• does not offer shares of stocks

• only issues bonds as a way to raise money