1.27.23 IBT Test

What goods and/or services do small businesses provide? 

• Personal services
• Professional services
• Ready to eat food
• All of these and more

This type of company has only one worker who is also the owner?

• sole proprietorship
• general partnership
• C corporation
• LLC

a venture capitalist is...

• someone will to risk money on another person's business.
• a type of marketing strategy.
• someone currently going bankrupt.
• A person who starts a business of their own.

Pick the best answer.
Start-up costs can include...

• price of advertising
• rent for a business location
• cost of making your product
• all of these answers

Chelsea repairs iphone screens for cash. She works out of her apartment and advertises on social media.  Her target customers are other college students. What is she selling?

• iphones
• a repair service
• iphone screens
• advertisements

Chelsea had to buy a few replacement screens and a magnifying glass to speed up her service time. When she bought this stuff she was making...

• an insider trade
• a business proposal
• a mistake
• investment in her business

An individual who undertakes the risk associated with creating, organizing, and owning a business.

• Entrepreneurship
• Entrepreneur
• Venture

A form of business ownership where 2 or more people share the assets, liabilities and profits.

• franchise
• partnership
• corporation
• sole proprietor

An organization that is set up to help those in need, and may make money, but uses it for the sole purpose to further it's goal, not to become rich. 

• profit business
• non-profit business
• retail business

What is a major advantage of a business that is a partnership rather than a sole proprietorship?

• The responsibility for the business is shared
• The business is easy to set up
• The partners are not responsible for business debts
• The business is easy to sell