Introduction to Business

_______________ is the selling of products to another country.

• Discounting

• Importing

• Exporting

• Global exchange

Shortly after graduating college, Roberto took his place in his family's company in Miami. Roberto's father and uncle started a company that buys bauxite, copper, and other minerals from Chile, and brings them into the U.S. Every day, Roberto brokers trades with mines in Chile. The company is in the _____________ business.

• import

• export

• corporate

• refining

Advantages of this type of business include: selling stock to raise money, limited liability.

• Sole Proprietorship

• Partnership

• Corporation

• Franchise

Advantages of this business type are that the owner is their own boss and gets to keep all the profits.

• Partnership

• Sole Proprietorship

• Corporation

• Franchise

A(n) _________ is someone who sets up a new business to make a profit.

• monopoly

• corporation

• entrepreneur

• anarchist

What term describes a company that is authorized to operate as a legal person?

• Proprietorship

• Entrepreneur
  

• Corporation

• Partnership

This type of business is a contractual agreement with a parent company to sell its products/services in an area.

• Sole Proprietorship

• Partnership

• Corporation

• Franchise

Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.

• Sole Proprietorship

• Partnership

• Corporation

• Franchise

How is a corporation different from a sole proprietorship?

• Corporations are owned by only one person

• Corporations can sell stock to raise money for the business. 

• Sole proprietorships have limited liability for the owners.

• Sole proprietorships require a legal charter to start the business.

Advantages include limited liability for owners, unlimited life, and ease of transfer of ownership. 

• Sole Propriotorship

• Partnership

• Corporation