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WorksheetsChapter 2: Understanding Characteristics of Business
Total questions: 14
Worksheet time: 10mins
A business owned and operated by a single individual
sole proprietorship
partnership
corporation
limited liability company
general partnership
A form of business owned by two or more individuals who share management and profits
limited liability company
corporation
partnership
sole proprietorship
s-corporation
A business owned by stockholders who share in profits and losses
partnership
corporation
sole proprietorship
general partnership
franchise
Type of ownership that joins elements of a corporation and a partnership
partnership
corporation
limited liability company
franchise
sole proprietorship
An organization that generates income for its owners
Non-profit
manufacturer
board of directors
perfect competition
profit business
A company that is created to benefit a public interest; does not earn profits for its owners
Non-profit
marketer
perfect competition
oligopoly
franchise
A business model where the owner of a company grants another business owner the right to use the owner company's name
corporation
partnership
franchise
limited liability company
s-corporation
Businesses that extract natural resources from the earth for use in the creation of goods.
Manufacturer
Wholesaler
Non-profit
Extractor
Service business
Businesses that use raw materials to create goods.
Extractor
Manufacturer
Service Business
Wholesaler
Marketer
Businesses that provide services to the economy, rather than goods.
Extractor
Manufacturer
Service business
Wholesaler
Marketer
Businesses that purchase a vast amount of goods from manufacturers to sell them to other businesses
Extractor
Manufacturer
Service business
Wholesaler
Marketer
A group of people elected by stockholders who make decisions for a corporation.
Extractor
Board of Directors
Employees
Profit business
Corporation
A person who owns stock in a corporation
employee
franchise
general partnership
stockholder
customer
Businesses that buy products from wholesalers and then increase the price of the goods to resell them.
Wholesalers
Manufacturers
Service Businesses
Extractors
Retailers
