Entrepreneurship and Types of Partners

What occurs when there is only one seller of a product that has no close substitutes or competition?

• a) Stock
• b) Franchise
• c) Monopoly

An _________________________ is a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.

• Partnership
• Entrepreneur
• Sole Proprietorship

In marketing, a _______________________ is an innovation, service, or feature intended to make a company or product attractive to customers.

• Value Proposition
• Franchise
• Business Model Canvas

Individuals acquire ownership rights through the purchase of what?

• a) Franchise
• b) Sole Proprietorship
• c) Stock

A _________________________ is a large corporation with branches in several countries.

• 1) Nonprofit Organization
• 2) Multinational Corporation
• 3) Monopoly

A _____________________________ is an institution that acts like a business organization, but its purpose is usually to benefit society, not to make a profit.

• a) Partnership
• b) Nonprofit Organization
• c) Monopoly

A _____________________ is a business made up of semi-independent businesses that all offer the same products or services.

• a) Franchise
• b) Corporation

The most common type of business organization in the United States is the _________________________, a business owned and managed by a single person.

• Partnership
• Sole Proprietorship
• Franchise

The ________________________ provides a thorough, detailed description of the business that includes the product, pricing, distribution, value proposition, and competitive advantage(s).

• Conglomerate
• Business Model Canvas
• Business Plan

The __________________________ is an outline to help entrepreneurs/partners in identifying and quantifying the necessary elements in operating a business.

• Business Model Canvas
• Business Plan
• Stock