Business Start Up End of Unit Quiz

Business Owned and Operated by One Person

• Sole Proprietorship
• Partnership
• Corporation
• LLC (Limited Liability Company)

An unincorporated business with two or more owners who share the decisions, assets, liabilities and profits

• Sole Proprietorship
• Partnership
• Corporation
• LLC (Limited Liability Company)

A company whos owners and managers have Limited Liability and some tax benefits, but which avoids some restrictions associated with S corps. Mrs. Martin says this this the safest business type to have!

• Sole Proprietorship
• Partnership
• Corporation
• LLC (Limited Liability Company)

A business that is registered by a state and operates apart from its owners; it issues shares of stock and lives on after the owners have sold their interest or passed away

• Sole Proprietorship
• Partnership
• Corporation
• LLC (Limited Liability Company)

Name ONE risk of owning your own business (look at your presentation to help find an answer)

Name ONE reward of owning your own business (look at your presentation to help find an answer)

Name one example of a franchise business:

Starting your own business can be very risky.

• True
• False

According to our assignment on how to start a business, there are _________ main steps you should consider/follow to start your own business.

• 5
• 10
• 20

Name one successful entrepreneur that you or your classmates researched and presented on in class.