Y8 Introduction to business

This type of business is owned by one person.

• Partnership
• Sole Proprietorship
• Corporation
• Franchise

This type of business is owned by two or more people.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

This type of business is a contractual agreement with a parent company to sell its products/services in an area.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

McDonald's and Burger King are examples of....

• Sole Proprietorships
• Partnerships
• Corporations
• Franchises

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

Advantages of this business include: easier to get money from the bank to start, share skills and share risks.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

Advantages of this type of business include: easy to start, and you can rely on a good company name and expertise.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

Disadvantages of this type of business include: parent company is strict, you are limited in what you sell, and you must operate like every other franchise.

• Sole Proprietorship

• Partnership

• Corporation

• Franchise

Which of the following is a disadvantage of franchise?

• assistance from a parent company

• name recognition

• shared advertising expenses

• must follow parent company business structure

2. Mario and his brother Luigi started a plumbing company together. They split the profits and the expenses.

• Sole Proprietorship

• Partnership

• Corporation