Unit 9 Assessment

A business owned by two or more people.

• Partnership

• Corporation

• Sole Proprietorship

• Franchise

Companies that sell products and services to businesses.

• Vendors

• Customers

• Distributors

• Retailers

Items of value that you own.

• Assets

• Liabilities

• Expenses

• Debts

Amounts you owe.

• Liabilities

• Assets

• Equity

• Revenue

A business that has the legal rights of a person but is independent of its owners.

• Corporation

• Sole Proprietorship

• Partnership

• Limited Liability Company

Fill in the blank: _______ products that a business sells to its customers.

• products

• services

• ideas

• brands

Fill in the blank: A legal agreement that gives an individual the rights to market a company’s products or services in a particular area. _______

• franchise

• license

• partnership

• joint venture

Which of the following are ways you can become an entrepreneur?

• Starting a new business

• Buying a franchise

• Investing in a startup

• All of the above

List the 4 types of ownership.

• Sole Proprietorship, Partnership, Corporation, Limited Liability Company

• Sole Proprietorship, Partnership, Corporation, Cooperative

• Sole Proprietorship, Partnership, Corporation, Franchise

• Sole Proprietorship, Partnership, Corporation, Joint Venture

Which of the following steps must you follow to give your building a nice design?

• Consult an architect

• Ignore building codes

• Use only cheap materials

• Skip the planning phase