Entrepreneurship Review Utah

What is an invoice?

• A bill

• A receipt

• A voice message

• A payment

Charlie owns a business and is trying to figure out his assets and liabilities. Which core financial statement should he use?

• Balance sheet

• Income statement

• statement of cash flow

What does an income statement track?

• Income

• Expenditures

• Both

What are the 5 types of financial ratios?

• Liquidity, Leverage, Efficiency, Profitability, Market

• Liquidity, Debt, Asset turnover, Gross Margin, Dividend

• Cash, Leverage, Inventory turnover, Operating margin, Market

This is a business owned by one person

• Partnership

• Corporation

• Franchise

• Sole Proprietorship

• Limited Liability Company

The following are all disadvantage of entrepreneurship, EXCEPT?

• High risk of business failure.

• Possibility of low/no income

• Potential for high income

• Stress

• Long work hours

The right or license granted by a company to an individual or group to market its products or services in a specific territory

• Partnership

• Corporation

• Franchise

• Sole Proprietorship

• Limited Liability Company

This is a legal entity owned by stockholders and operated by a board of directors It operates as a separate legal entity apart from the owners.

• Partnership

• Corporation

• Franchise

• Sole Proprietorship

• Limited Liability Company

this is a hybrid business entity having certain characteristics of both a corporation and a partnership or sole proprietorship (depending on how many owners there are.

• Partnership

• Corporation

• Franchise

• Sole Proprietorship

• Limited Liability Company

Select all of the ways to enter a business

• Open a new business

• Buy an existing business

• Buy a franchise

• Join the family business

• All of the above