Check Your Understanding - Business Ownership

Physical location of the business is a factor which should influence the type of ownership chosen.

• True

• False

Which of the following forms boards to act as governing bodies and is the most complicated form of business?

• Franchise

• Partnership

• Sole proprietorship

• Corporation

Which of the following is owned and operated by one individual?

• Franchise

• Partnership

• Sole proprietorship

• Corporation

Which of the following is the right or license to sell a company’s product or service at a designated location?

• Franchise

• Partnership

• Sole proprietorship

• Corporation

A _________ is a legal agreement between two or more people and is the least common form of business.

• Sole proprietorship

• Partnership

• Corporation

• Limited Liability Company

• Franchise

Which of the following is NOT a financing option suggested in the presentation?

• Investors

• Loans

• Sale of assets

• Small Business Administration

Angel investors are wealthy individuals who seek high returns through private investments.

• True

• False

__________ are words, symbols, names or devices used to specify goods and differentiate one good from others.

• Trademarks

• Patents

• Copyrights

• Trade Secrets

Patents are issued by state governments.

• True

• False

Capital is wealth in the form of money or property.

• True

• False