Introduction to Business

Nike, Google and Apple are examples of.....

• Sole Proprietorships

• Partnerships

• Corporations

• Franchises

Advantages of this business include: easier to get money from the bank to start, share skills and share risks.

• Sole Proprietorship

• Partnership

• Corporation

• Franchise

When comparing the four main types of business organization, which type protects owners the MOST from personal financial liability due to being sued by a customer?

• Corporation

• Franchise

• Partnership

• Sole proprietorship

Business that buys large quantity of goods from various producers, warehouses them and resells to retailers

• social responsibility

• producer

• service

• wholesaler

Individual or organization that determines what products and services will be available for sale

• social responsibility

• producer

• service

• wholesaler

Items bought to be used in a business to help create other goods or services

• Consumer Good

• Raw Good

• Industrial Good/Capital Good

• Service

What is the primary goal of a business in a capitalist economy?

• A) To provide jobs

• B) To maximize profits

• C) To support community projects

• D) To innovate new products

Which of the following is a characteristic of a sole proprietorship?

• A) Limited liability

• B) Shared decision making

• C) Single owner

• D) Double taxation

What is a key advantage of forming a corporation?

• A) Easy to form

• B) Limited liability

• C) Single taxation

• D) Full control by owner

Which business structure is most likely to have shareholders?

• A) Sole proprietorship

• B) Partnership

• C) Corporation

• D) Cooperative