22 23 Mkt 1A Types of Businesses

Joseph wants to open up a skateboard shop with his cousin Billy. He would like for them to own and operate the shop equally. What kind of partnership should he form?

• Family partnership

• Limited partnership

• General partnership

• Financial partnership

Which of these activities is within the extractive industry?

• Writing

• Singing

• Mining

• Accounting

Why is accounting a service industry?

• Because it provides support but no tangible goods.

• Because it only serves people face-to-face.

• Because it provides tangible goods.

• Because it is a small business type.

What is a corporation?

• A business owned and operated by one person and the most common form of business ownership.

• A legal entity distinct from its owners or shareholders.

• A company with an idea for a business that sells the rights to use its brand name and product.

• A business that has fewer than 500 employees and that is taxed at a lower rate.

A coffee shop is what kind of retailing distribution channel?

• E-commerce

• Street vendor

• Mail-order

• Over the counter

Match the following

• Which is an example of E-commerce?

• An online boutique

• Which business type is notably the easiest to acquire?

• Street vendors

• A food truck is an example of which kind of distribution channel?

• Sole proprietorship

Alex repairs cars and always needs mufflers. What kind of person does he need to constantly supply him with mufflers?

• Partner

• Subcontractor

• Investor

• Employee

What is the difference between traditional manufacturing and a cottage industry?

• Manufacturing is done on a larger scale.

• Manufactured items are worth more.

• Manufacturing is done on a lower scale.

• Manufactured products are better quality.