2024 Intro to Business Final Review

A business model is how a company sells its products to customers and it's plan for making a __________.

• profit
• expense

• invention

• sales forcast

A manufacturer makes finished products from raw materials and is a type of:

• business ownership

• business model

• business plan

• franchise

A __________ buys products from a manufacturer, distributor, and/or wholesaler and sells directly to the consuming public.

• middleman

• blockchain

• retailer

• auction house

There are two types of retailers, Bricks-and-Mortar retailers and __________ retailers.

• Online
• Distributor

• Wholesaler

• Subscription

McDonalds and Subway are examples of a __________ business model.

• franchise
• e-commerce

• multilevel marketing

• direct sales

A furniture factory makes its products from wood and other raw materials. It is called a:

• retailer

• manufacturer

• distributor

• aggregator

What are some factors to consider when selecting a type of business ownership?

• tax liability

• the limits or potential liabilities of personal losses

• control in operating the business

• all the above

What type of business has one owner, is easy to get started, where the owner has complete control, and where the owner is personally and fully responsible (liable) for any debts and any other damages that might be caused by the business.

• Limited Partnership

• Sole Proprietorship

• Limited Liability Company

• S Corp

What type of business has multiple owners, benefits from individuals combining resources, but whose liability isn’t limited to the amount of their investment?

• General Partnership

• S Corp

This type of business ownership sells shares to the general public and reports its financial information to the public.

• Non-Profit Corporation

• S Corp

• Franchise

• C Corp