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33_Willett&Wheeler

33

QuestionAnswer
T or F: David and Kiley are teenage siblings who earn money on the weekends by cleaning house for three neighboorhood homeowners. David and Kiley are entrpreneurs. True
T or F: Two-thirds of all buisnesses fail in the first year of opperation. False
T or F: A person who purchses a franchise decides how the buisness will be avertised and managed. False
T or F: Included in the personal characteristics of many entrepreneurs are excellent organizational skills, a love of adventure, and a relative who is an entrepreneur True
T or F: A foregin corporationis a buisness organization that has incorporated in a country other than the one in which it does buisness. False
What form of buisness organization can own assets and borrow money without directly involving the people who own it, and therefore it is more closely regulated by the government than other buisness organizatios? ((A)) corporation B) family-owned buisness C) sole proprietorship D) general partnership
The four possible forms of buisness organization include all except the following A) sole proprietorship B) corporation C) limited partnership ((D)) franchise
Entering buisness in what manner can mean a high purchase price and high inital operating fees? ((A)) starting one's own buisness in a storefront location B) buying an existing non-franchise buisness C) buying into a family buisness D) buying an existing franchise buisness
What is the form of buisness that is at the greatest disadvantage if one of its owners dies? A) corportion ((B)) partnership C) Subchapter S corporation D) franchise
In a limited partnership the, ______ partner is the partner who has a voice in the partnership management. General
The owner of a new buisnes usually find that their start-up costs are so high that the buisness doesn't provide enough money for the owners' personal financial needs. This condition of limited funds is referred to as a(n) _________ cash flow. Restricted
The ________________ is an online library of buisness managent information. Buisness Toolkit
______/__ ____________ __ _____ ______ is a major outside influece on a person's decision to become an entrepreneur. Family/ an entrepreneur in one's family
A business that is chartered by the state is called a(n)___________. Corporation
Guillermo is a stockholder in an automobile manufacturing corporation. If the company should experience larger financial losses, Guillermo would have _______ liability. Limited
The legal term describinbg the owner of a franchise buisness operation is __________. Franchisor
A buisness chartered under the laws of a state that differs from the on in which it does buisness is referred to as _______ corporation. Foreign
___ are the initials that stand for the registration process a sole proprietorship or partnership must go through to recieve name protection. DBA
Makes an individual liable for buisness debts only up to the amount of his or her investment. Limited partnership
A legal agreement to operate a buisness in the name of an established company. Franchise
An assessment of one's own skills, interests, and personal qualities. Self-evaluation
A person who owns and opperates a buisness. Entrepreneur
Extends an individual's financial responsibility for a company's debts beyond the amount of investment. Unlimited liability
One of the owners of a corporation. Stockholder
The chance (gamble) of loss. Risk
A business that is owned and operated by one person. Sole proprietorship
The governing body of a corporation. Board
Relatively new form of buisness organization. LLC
Created by: vhaun
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