Careers Unit 2 Quiz Review

Someone who organizes and then runs a business.

• Entrepreneur

• Partnership

• Franchise

• Corporation

These are expenses that are involved in starting a business, such as buying equipment, renting space, etc.

• Corporation

• Franchise

• Start-Up Costs

• Market Outlook

You may sign this as a contract to use something for a specific period of time.

• Franchise

• Corporation

• Partnership

• Lease

If the previous business was successful, you can build on this loyalty of their existing customers.

• Market Outlook

• Goodwill

• Franchise

• Partnership

This is the potential for future sales.

• Franchise

• Corporation

• Goodwill

• Market Outlook

This gives someone the legal right to sell goods and services in a certain area. You acquire a recognized product name, but it may be less profitable than other types of ownerships.

• Partnership

• Corporation

• Franchise

• Sole Proprietorship

This means a business is completely owned by one person, and they are personally responsible for its debts.

• Partnership

• Franchise

• Sole Proprietorship

• Corporation

A legal arrangement in which two or more people share ownership, and all owners are liable for debts of the business.

• Partnership

• Franchise

• Sole Proprietorship

• Corporation

A business, chartered by a state, that legally operates apart from the owner(s).

• Sole Proprietorship

• Franchise

• Lease

• Corporation

A summary of your business's income and expenses during a specific period of time.

• Income Statements

• Revenue

• Gross Profit

• Net Profit