REVIEW-Business/ Labor Organizations

Which of the following statements about entrepreneurs are true:

• many great business organizations are led by entrepreneurs

• entrepreneurs must be willing to risk their time, money, and reputation

• entrepreneurs decide how to combine land, labor, and capital to make new goods and services

• all of the above

"Mom and Pop" shops fall under what type of business organization?

• Partnership

• Sole Proprietorship

• Corporation

• Franchise

What is an advantage of a sole proprietorship?

• Owner has complete control

• Owner keeps all the profits

• Few government regulations

• All of the above

A company owned by two or more people is called ...

• corporation

• franchise

• partnership

• sole proprietorship

What is an advantage of a partnership?

• More profit

• Liability (especially for the partner who makes the mistakes!)

• Potential for conflict.

• Share skills & responsibilities

Tags

CCSS.RL.11-12.9

CCSS.RL.6.3

CCSS.RL.7.3

CCSS.RL.8.3

CCSS.RL.9-10.3

Companies that are owned by stockholders, who each have limited liability are called ...

• Franchises

• Corporations

• Partnerships

• Sole Proprietorships

Ghost rider suddenly breaks down at Knotts Berry Farm, and the train derails off the tracks. You land on the ground, breaking your neck. Who do you sue?

• The ride operator

• The CEO

• The corporation that owns the theme park

• All of the above

What is an advantage of a franchise?

• Built-in reputation of business

• Training and support from parent company

• National advertising

• All of the above

What is an example of a franchise?

• Subway

• Apple

• Walt Disney Corporation

• Microsoft

A business that operates in multiple industries is called a ...

• Sole proprietorship

• Partnership

• Franchise

• Conglomerate