Business Class Final

A person who starts, manages, and owns a business.

• Entrepreneur

• Entrepreneurship

• Business

The process of starting and managing your own business.

• Entrepreneur

• Entrepreneurship

• Franchising

This is a business owned by one person

• Partnership

• Corporation

• Franchise

• Sole Proprietorship

• Limited Liability Company

This is a business owned by two or more people

• Partnership

• Corporation

• Franchise

• Sole Proprietorship

• Limited Liability Company

This is a legal entity owned by stockholders and operated by a board of directors It operates as a separate legal entity apart from the owners.

• Partnership

• Corporation

• Franchise

• Sole Proprietorship

• Limited Liability Company

The right or license granted by a company to an individual or group to market its products or services in a specific territory

• Partnership

• Corporation

• Franchise

• Sole Proprietorship

• Limited Liability Company

The right to sell a company's products in a specified area.

• sole proprietorship
• corporation
• franchise
• retail business

Entrepreneurs look for business ideas and new and better ways to solve problems.

• True
• False

What is an advantage of a franchise over a sole proprietorship? 

• Franchises can sell stock to start up the business.
• Franchises do not have to work in the business.
• Parent company provides training and support to franchisee.
• Parent company will pay all of the franchisee's start up cost. 

How is a corporation different from a sole proprietorship or partnership?

• Corporation has only one or two owners.
• Corporation is usually owned by one person.
• Corporation requires a legal charter to start.
• The owners of the corporation control the business.