Business Organizations.
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| A business owned and controlled by one person is called a _____-__________________. | sole-propietorship
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| An advantage of a sole-propietorship is that the owner _______________________________________________________________. | makes all decisions and keeps all of the profit.
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| The debt or amount of money owed by a business is called _____________. | liability.
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| One disadvantage of a sole-propietorship is that owners have unlimited liability. This means that __________________________________________. | personal possessions are at risk.
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| A partnership is _______________________________. | A business owned by two or more people.
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| In a ________________ specific duties can be assigned to different people based on talent and expertise. | partnership
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| There is always a potential for _____________ in a partnership. | conflict
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| To raise money a corporation can issue a _______, which is a certificate of ownership. | stock
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| A corporation is owned by ___________________________ | shareholders
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| The individuals who set the policies and goals for a corporation are called the ______________________________________. | Board of Directors.
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| A corporation can also issue and "IOU", which promises to pay back the face value plus interest. This is called a __________. | bond.
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| Though a sole-propietorship is the most common form of business organization in the US, _______________ make the most money. (expensive to start, and takes a long time). | corporation
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| One disadvantage od a corporations is that they get taxed twice; once on their earnings and then on the ________________ they pay the stockholders. | dividend
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| A _____________ is a semi-independant business that must follow strict operating rules. | franchise
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| One advantage of a franchise is that the parent company spends money on _________________________________, which can benefit all franchises. | national advertising
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| One disadvantage of a franchise is that its owner must pay ________________ to the parent company, which can sometimes be high. | royalties
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| An example of a __________________ is a credit union. | cooperative
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| ____-_________________________________ do not pay income tax but often find it hard to attract and retain good employees | Non-profit Organizations
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| Corporation, also known as "______" or "__________" | "inc" or "corp."
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| McDonalds, Subway, and Dunkin Donuts are all examples of a __________________. | franchise.
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| North Shore Animal Center, Red Cross, and Island Harvest are all examples of a _______-_____________________________. | Non-profit Organization.
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| __________________ make the most money, whereas a ________-_____________________ has the most businesses in the US. | Corporations, Sole-propietorship
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