Intro: Ch. 5

Most businesses start as a:

• partnership

• proprietorship

• corporation

• LLC

Are owned by members, serves their needs, & is managed in their interest.

• Corporations

• Cooperatives

• Franchises

• Partnerships

The most popular form of ownership for large businesses is a:

• partnership

• proprietorship

• corporation

• franchise

The legal document that defines ownership & operating procedures & conditions for a business:

• Gilin's Rules

• articles of corporation

• business bylaws

• articles of incorporation

Which is NOT a major form of business ownership?

• proprietorship

• partnership

• franchise

• corporation

Make-A-Wish Foundation is an example of this type of business ownership:

• corporation

• cooperative

• non-profit

• partnership

Opening a Jack in the Box in Omaha, NE would be an example of:

• entrepreneuership

• franchising

• partnering

• co-branding

How many basic business activities are there?

• 6

• 7

• 5

• 3

This type of business ownership is the hardest type of ownership to form.

• corporation

• partnership

• proprietorship

• franchise

This type of business ownership takes on the entire risk of the business.

• corporation

• partnership

• proprietorship

• franchise