Business Ownership Test Review

The steps to the process of becoming a business owner are:

• Identifying a business opportunity, creating a business plan, securing financing, registering the business, and launching operations.

• Applying for a job, attending interviews, and getting hired.

• Completing a college degree, joining a company, and getting promoted.

• Investing in stocks, buying real estate, and saving money.

Differentiating the various types of business ownership involves understanding:

• their legal structure and liability

• the products they sell

• the location of their headquarters

• the number of employees

What is business ownership?

• Business ownership is the individual or groups which own a business and its legal entities.

• Business ownership is the process of selling products online.

• Business ownership is the act of managing a government office.

• Business ownership is the responsibility of paying taxes for others.

Which of the following is included in business ownership?

• Determining which type of business fits the needs of the owner

• Securing financing

• Naming the company

• All of the above

Business ownership includes determining which type of business fits the needs of the _____

• owner

• customer

• employee

• manager

Business ownership includes securing _____.

• financing

• employees

• customers

• licenses

Business ownership includes naming the _____.

• company

• employee

• product

• customer

Business ownership includes protecting business _____

• ideas

• vehicles

• furniture

• uniforms

Business ownership includes obtaining licenses and _____

• permits

• loans

• employees

• vehicles

Business ownership includes choosing a _____.

• location

• color

• mascot

• holiday