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Related Flashcards
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Cards In This Set
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How many people run a business when the business is considered to be a sole proprietorship?
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One person, the owner.
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How many businesses in the United States are considered a sole proprietorship?
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2/3 of all businesses.
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Who makes the decisions in a sole proprietorship?
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The owner.
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Who recieves the profit in a sole proprietorship?
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The Owner.
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How much ______ you put forth is how much _____ you reap.
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First Blank: Effort
Second Blank: Reward
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If your profits depend on your ability then how does this affect your drive?
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It will give you more motivation.
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If you are the sole business owner than you must have the responsibility of obtaining a _____________________ with your customers inorder to maintain customers and continue to get new customers.
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Close personal relations
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What is the main difference between a partnership and a sole proprietorship?
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In a partnership the ownership of the company is shared my a small amount of owners. Where as in a sole proprietorship there is only one owner.
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A potential sole proprietor usually must have this inorder to start a business.
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A Employer ID #.
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If the owner does not have to have a employer ID number then they must have a _______ or _________.
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License or permit.
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You must have money to start a business. Where must you go inorder to get it? What are these generally called?
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You must go to a bank or lending institution, and you must obtain some form of a loan.
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You may not be able to recieve a loan if you do not have ___________.
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Good Credit.
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When reaping the rewards of the profits your business earns, you also obtain an excessive amount of _________.
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Responsibility.
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If your business fails or something goes wrong, who is liable and incures the debt.
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You and only you do if you are a sole proprietor.
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Which of the following businesses would be a sole proprietorship and which would be a partnership?
a)Bass Berry & Simms Law Offices
b)AT&T
c)Dillards
e)Lady Grey's Boutique
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A)partnership
b)corporation
c)corporation
d)sole proprietorship
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