Business Essentials

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

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

If a news headline says, "Finally!!! 2 straight months of increased jobs."

Where on the business cycle is the current economy?

• Peak

• Contraction/Recession

• Trough

• Expansion/Growth/Recovery

If a news headline says, "3 months of consecutive job losses is impacting consumer confidence."

Where on the business cycle is the current economy?

• Peak

• Contraction/Recession

• Trough

• Expansion/Growth/Recovery

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

• monopoly

• corporation

• entrepreneur

• anarchist

Which of the following is a recession, or contraction?

• A

• B

• C

• D

Which type of business structure allows for shared responsibility and shared profits among owners?

• Sole Proprietorship

• Partnership

• Corporation

• Franchise

What is a key advantage of a corporation as a business structure?

• Unlimited liability

• Ease of formation

• Limited liability

• Single taxation

Which business type is characterized by a contractual agreement to use the name and sell the products of a parent company?

• Sole Proprietorship

• Partnership

• Corporation

• Franchise

What is a primary disadvantage of a sole proprietorship?

• Limited liability

• Shared decision making

• Unlimited liability

• Double taxation