TSA Study Guide Standard 1 Business Management

What is a business owned and operated by one person called?

• Partnership

• Corporation

• Sole Proprietorship

• LLC

A business owned by two or more people who share profits and responsibilities is known as a ______.

• Corporation

• Partnership

• Nonprofit Organization

• Sole Proprietorship

What is the obligation of businesses to contribute positively to society?

• Business Cycle

• Social Responsibility

• GDP

• Stakeholders

The total value of goods and services produced within a country is known as ______.

• CPI

• GDP

• Business Cycle

• Board of Directors

Which of the following is a business structure where two or more individuals share ownership and responsibilities?

• Corporation

• Partnership

• Sole Proprietorship

• Franchise

________ leadership involves employees in decision-making and encourages teamwork.

• Autocratic

• Democratic

• Laissez-faire

• Transformational

Which of the following is a task related to real-world application in business?

• Create a marketing plan

• Develop a budget plan for a startup company, including forecasted expenses and revenue

• Design a new product

• Write a business proposal.

Research a successful business and identify its type of ownership. Explain how this structure benefits the company. What type of ownership might a small business have?

• Sole proprietorship

• Partnership

• Corporation

• Franchise

Which of the following is NOT a type of business ownership?

• Sole proprietorship

• Partnership

• Corporation

• Monopoly

What is a key disadvantage of a sole proprietorship?

• Complex tax filing.

• Limited access to capital.

• Shared decision-making.

• High start-up costs.