BUS 110 Test #2

What is the simplest form of business?

• Partnership
• C Corp
• LLC
• Sole Proprietorship

__________ entrepreneurs want their business to grow into a major corporation.

• Multipreneurs

• Micropreneurs

• Intrapreneurs

• Growth-Oriented

Which of the following is a disadvantage of a sole proprietorship?

• Unlimited Liability
• Control
• Flexability
• Easy to transfer ownership

What is unlimited liability?

• Owner of the business is only liable for what they have invested
• Owner of the business is completely liable for all business debts
• Owner of the business is only liable to half of the debts
• Owner of the business is liable for some of the debts

What type of partners split profits, liabilities, and management duties equally?

• Stockholders
• Limited Partner
• General Partner
• Franchiser

A business that operates as its own legal entity and is owned by shareholders is called?

• Small Business
• Sole Proprietor
• Corporation
• Public Owned

The financial plan section of the business plan should offer which of the following?

• Operating or manufacturing methods

• Management team descriptions

• Credit and pricing policies

• Breakeven analysis of profit and cash flows

Stockholders hold voting rights, which of these positions do they vote to elect individuals into?

• Executive Management
• CEO
• Board of Directors
• Stakeholder

Which government entity must people submit articles of incorporation to?

• The Secretary of State
• Congress
• The President
• The courts

When Sandy purchases shares from a company, the company may pay a portion of the profit back to her in the form of?

• A check
• Dividends
• Cash
• Products