Easiest form to start and most common form of business

Unlimited legal and financial responsibility is shared

Requires an agreement to start

Requires a charter filed with the government to start

Owner keeps all the profits

Businesses must name a board of directors

Time/Commitment, responsibilities, and profits/losses are shared

Owner responsible for all debts and funding can be difficult to obtain

Owners are called shareholders

Must publish annual reports

Conflict between owners can be a common problem

Limited Liability

No fringe benefits provided to owners

Owner makes all the decisions

Requires no paperwork other than business licenses/permits to start

Owners and managers are generally separate

Sole control over all business functions

Patents are issued by state governments.

Which of the following is owned and operated by one individual?

Capital is wealth in the form of money or property.

Angel investors are wealthy individuals who seek high returns through private investments.

Physical location of the business is a factor which should influence the type of ownership chosen.

Which of the following is the right or license to sell a company’s product or service at a designated location?

Which of the following forms boards to act as governing bodies and is the most complicated form of business?

___________ are words, symbols, names or devices used to specify goods and differentiate one good from others.

Which of the following is NOT a financing option suggested in the presentation?

A _________ is a legal agreement between two or more people and is the least common form of business.

Sole Proprietorship

Partnership

Corporation

A person or company purchases the ability to run a local business under a larger company's brand

Which of the following is NOT characteristic of entrepreneurs?

CORPORATION is a

"I want to own my business and run it the way I want" What business ownership or organization should I begin?

An organization that does not pay taxes and does not exist to make a profit

"I would like to own and manage a local 7-11 and put it up in Suffolk, VA" What business ownership or organization should I begin?

McDonald's can be franchised

H&M Clothing Store is a Service Based Business

Chick Fil A is a Product Based Business

When an entrepreneur takes out loans to finance their business, this is called...

What does an SBA loan guarantee do?

A venture capitalist or an Angel investor is hoping to make money from their investment when your privately held company decides to go ___________________, which means that shares of ownership are sold on an exchange

The major responsibilities involved in financial accounting are the preparation of the:

_____ is the functional area of business that is responsible for finding the best sources of funds and the best ways to use them

Which of the following is an example of a non-profit organization?

The process of posting positions and hiring employees is carried out by which department?

Intrinsic motivation occurs internally and includes enjoyment and accomplishment.

A system used to record, classify, summarize and report the financial position of a business is known as which of the following?

Which is not a classification of the financial entries affecting the financial position of a business

Which one is not one of the 4 P's of marketing?

Group training gives employees hands-on practice with supervision.

Intrinsic motivation occurs internally and includes enjoyment and accomplishment

The employment process is carried out by which department?

Which of the following is the goal of the finance department?

Which type of business produces processed goods by changing raw goods into a more finished form?

Which of the following is NOT one of the modes of transportation distribution typically uses?

What is a business? (choose one)

Assets = Liabilities + Owner’s Equity

Department responsible for producing goods and services in the most efficient and cost-effective manner

Businesses which change raw goods into a more finished form, known as processed goods

Marketing theory stating the stages experienced by products and services from their introduction to their decline; consists of four stages: introduction, growth,maturity, decline

Businesses which develop products for distribution from raw goods

Four interrelated marketing strategies used to meet consumer needs; consist of product, price, promotion and place

Process of reaching a company’s goals and objectives by utilizing its resources; department responsible for the management process

Department responsible for creating products which meet consumer wants and needs, guiding products through the product life cycle and understanding consumers through marketing research

Businesses which change raw or processed goods into finished goods

Department responsible for maintaining the employment process, training and developing staff and following laws and proper procedures

Businesses which provide services to consumers and other businesses

Businesses which provide goods and services to businesses and individuals, but operate on donations, volunteers and philanthropists rather than profit

Materials derived from natural resources

Businesses which move finished goods from one business to another by buying, storing and reselling goods; often referred to as “middlemen”

Which one is right?