Chapter 3 - Understanding Entrepreneurship, Small Business & Business Ownership

16 Questions  I  By Golddude1000
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1.  A business person who accepts both the risks and the opportunities involved in creating and operating a new business ventures is called
2.  A document in which the entrepreneur summarized her or his business strategy for the proposed new venture and how that strategy will be implemented is called
3.  An arrangement that gives franchisees (buyers) the right to sell the product of ther franchiser is called
A.
B.
C.
D.
4.  A franchise agreement is a document that stipulates the duties and responsiblities of the franchisee and the franchiser.
5.  Business owned and usually operated by one person who is responsible for all of its debits is
6.  A person who invests in a business is liable for all its debts incurred by the business; personal possessions can be taken to pay debts. This is an disadvantage of being a sole proprietor.
7.  A partnership is when a business with two or more owners who share in the operation of the firm and in financial responsibility for the firm's debts
A.
B.
8.  A limited partner is when a partner who generally does not participate actively in the business and whose liability is limited to the amount invested in the partnership
A.
B.
9.  A general partner is when a partner who is activly involved in managing the firm and has unlimited liability.
A.
B.
10.  A private corporation is a business whose stock is widely held and available for sale to the general public.
A.
B.
11.  A public corporation is a business whose stock is held by a small group of individuals and is not usually available for sale to the general public
A.
B.
12.  Stockholders or shareholders are
A.
B.
C.
D.
E.
13.  Limited liability is limited to the investors`investments in the corporation; courts cannot touch the personal assets of investors in the event that the corporation goes bankrupt.
A.
B.
14.  A group of individuals elected by a firm`s shareholders and charged with overseeing and taking legal responsibility for the firm`s actions
A.
B.
C.
15.  A co-operative is an organization that is formed to benefit its owners in the form of reduced prices andéor the distribution of surpluses at year-end. An example of co-operative is housing co-op
A.
B.
16.  Name 2 advantages and 2 disadvantages of being a sole proprietor.
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Quiz Comments (1)
I don't agree with your answer for number 12.
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