Entrepreneurship Vocabulary

What is a formal agreement made by two or more parties to jointly manage and operate a company?

• Corporation

• Limited Liability Company (LLC)

• Partnership

• Sole Proprietorship

Which type of business is organized for purposes other than generating profit?

• Corporation

• Nonprofit

• Sole Proprietorship

• Partnership

What is a business structure in the U.S. that protects its owners from personal responsibility for its debts or liabilities?

• Corporation

• Limited Liability Company (LLC)

• Sole Proprietorship

• Partnership

What is the term for money that is left after all the expenses of running a business have been deducted from the income?

• Profit

• Funding

• Revenue

• Investment

What is a business entity that is separate and distinct from its owners?

• Corporation

• Partnership

• Sole Proprietorship

• Limited Liability Company (LLC)

What is a brief speech that defines a person, process, product, service, organization, or event and its value?

• Pitch

• Business Plan

• Proposal

• Presentation

How is a company organized, which impacts things like legal and tax liability of owners?

• Business Structure

• Business Plan

• Business Ethics

• Business Model

What is a product, service, business model, or strategy that's both new and useful?

• Innovation

• Entrepreneurship

• Startup

• Funding

What is a business that has just one owner who pays personal income tax on profits earned from the business called?

• Corporation

• Partnership

• Sole Proprietorship

• Franchise

Who is an individual that undertakes the creation, organization, and ownership of a business?

• Manager

• Entrepreneur

• Investor

• Employee