A __________ is a business that is its own legal “person” separate from the people who own it.
The owners are called shareholders, and they are not personally responsible for the business’s debts.

An ___ is a business structure that protects the owners’ personal assets, but it is simpler and more flexible than a corporation.
The owners are called members, and they also aren’t personally responsible for the business’s debts.

A business owned by two or more owners who do NOT share the same liabilities or profit is a:

A business where members share liabilities and profits based on an operating agreement is a:

A business that operates under a parent company’s name and policies is a:

Things of value that generate cashflow are called:

Things that you owe or must pay off are called:

Assets minus liabilities equals:

Which of the following is an asset?

Which of the following is a liability?

Which of the following is an asset?

Which of the following is a liability?

Which system has the lowest level of government control and encourages private business?

Which system has the highest level of government control and aims to share wealth equally?

Which system allows personal property and businesses but government controls key industries?

A business creates an Instagram account to attract younger audiences. This is an example of:

A clothing company launches a new eco-friendly line. This is an example of:

A restaurant increases menu prices due to higher ingredient costs. This is an example of:

A shoe brand starts selling through Amazon instead of only in stores. This is an example of:

A store offers a “buy one get one free” deal. This is an example of:

A company redesigns its packaging to look more appealing. This is an example of:

A brand lowers prices to compete with nearby stores. This is an example of:

A bakery begins selling online with local delivery. This is an example of:

Items of value that generate cash flow are called assets.

For a business to maximize profit, it should generate more liabilities than assets.

In capitalism, citizens have freedom to choose careers with minimal government involvement.

In communism, private business is encouraged.

The law of demand says that as price increases, demand decreases.

The law of supply states that producers make more when prices rise.

What does SEO stand for?

A summary of company profit/loss over time is a(n):

Which “P” focuses on how much customers will pay?

Which “P” involves how a product is sold/distributed?

Which “P” is the actual good or service?

Which “P” involves persuading customers to buy?

A market economy encourages:

Which is NOT allowed in a communist system?