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)

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

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Name one example of a franchise business:

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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.

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