Final Business Decisions

Which of the following is NOT an option for being an entrepreneur?

• Starting your own business from scratch

• Purchasing an existing business

• Opening up a franchise

• Inheriting a title in a royal family

What is a franchise?

• A type of business license for selling homemade products

• A legal agreement that gives an individual the right to market a company's products or service in a particular area

• A government grant for starting a new business

• A certification for exclusive rights to an invention

What is one way to become an entrepreneur without starting a business from scratch?

• Writing a business book

• Purchasing an existing business

• Attending a business seminar

• Graduating with a degree in entrepreneurship

What is a Sole Proprietorship?

• A business owned by two or more people.

• The most complex business form.

• A business where the owner is not responsible for its debts.

• The simplest business form where one person operates the business and is personally responsible for its debts.

What does a Partnership in business imply?

• A business where the owner has limited responsibility for its debts.

• A business owned and operated by one person only.

• A single business where two or more people share ownership and all aspects of the business.

• A legal entity where partners are not responsible for the business's profits and losses.

What does a corporation refer to in terms of ownership?

• A partnership owned by multiple individuals

• A sole proprietorship owned by a single individual

• An independent legal entity owned by shareholders

• A hybrid legal structure combining a corporation and a partnership

What is a Limited Liability Company (LLC)?

• A type of corporation with unlimited liability for its owners

• A sole proprietorship with limited liability features

• A hybrid type of legal structure with limited liability features of a corporation

• A government-owned entity with tax benefits

Which of the following can be a member of an LLC?

• Only individual persons

• Only corporations

• Only partnerships

• Individuals, corporations, or other LLCs

Why is choosing a location important for a business?

• It determines the company's branding.

• It affects the business's legal requirements.

• It influences the target market's access to the product or services.

• It dictates the business hours.

Why is it essential to have a nice design, layout, or floor plan for a building according to the text?

• To reduce construction costs

• To comply with safety regulations

• To have a successful business

• To increase the speed of construction