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CCHS Econ. Test 3

About Business Types, Chapter 3

What are the three business types? The three business types are: 1. Sole Proprietorship 2. Partnership 3. Corporation
Which business type has 1 owner? Sole Proprietorship
Which business type has 2 or more owners? Partnership (General or Limited)
Which business type has multiple owners, to include stockholders and shareholders. A Corporation
Which is the hardest business type to start up? Which is the easiest business type to start up? A Corporation is the hardest business type to start up. A sole proprietorship is the easiest business type to start up.
Which business type requires "articles of partnership"? A Partnership requires "articles of partnership"?
These two business types have a "limited life" because when the business owner(s) no longer own(s) the business or deceases, the business no longer exists 1. Sole Proprietorship 2. Partnership
This type of business has an "unlimited life" because even if the CEO/President of the company deceases or resigns, there are still stockholders/shareholders and a CEO to replace the position Corporation
Describe taxation for the business type, "sole proprietor"? For a sole proprietor, the owner of the business is taxed (single taxation)
Describe taxation for the business type, "partnership"? Taxation for a partnership is single taxation
Describe taxation for the business type, "corporation"? In a corporation, the stockholders/shareholders are taxed.
Which business type requires a "charter"? A corporation
This business type makes up about 80% of businesses (Hint: Easiest to start up) "Sole Proprietorship"
This business type has the potential to make the most money and generates about 80% of the money earned by businesses. A corporation is the business type that has the potential to make the most money because of the amount of stockholders.
What is the difference between a general partnership and a limited partnership? (Hint: Think about liability for each) A general partnership has unlimited liability, whereas a limited partnership has limited liability. Those who invest more into the company are more liable.
How does one know when a business has made a profit? A business has made a profit when 'one gets out more than he/she put into the business.' Revenue is greater than expenses.
Define "business expenses." "Business expenses" are the money that is 'put in' to start a business.
Define "gross revenue/receipts." "Gross revenue/receipts" is the money that the business owner makes, before business expenses are taken out.
How can one determine the amount of profit by using BUSINESS EXPENSES and GROSS REVENUE/RECEIPTS. Profit=Gross Revenue-Business Expenses
What is a non-profit organization? Give examples. A non-profit organization is an organization that does not make a profit. For a non-profit, GROSS REVENUE--EXPENSES=$0. (Examples: Humane Society, Goodwill, Habitat for Humanity)
What are the two unusual organizations that are considered non-profit organizations? 1. a credit union 2. The government
Are banks 'for profit'? Yes, banks are for profit. (Credit Unions are not for profit).
What is the difference between "interest charged" and "interest earned"? "Interest charged" is the amount that is charged by a bank or credit union when one borrows money. "Interest earned" is the amount that is earned by a person who puts his or her money in savings at a bank or credit union.
Does the customer or the bank/credit union receive "interest charged"? The bank/credit union receives "interest charged." The customer is the one that is charged.
Does the customer or the bank/credit union receive "interest earned"? The customer receives "interest earned" because he or she has his or her money in savings.
What is the largest non-profit organization? The largest non-profit organization is the government.
Which business type needs "articles of partnership" and which business type needs a "charter"? A partnership is the business type that needs "articles of partnership," whereas a corporation needs a "charter."
Rank the 3 business types in order from hardest to easiest to start up. Hardest: Corporation Next Hardest: Partnership Easiest: Sole Proprietorship
Created by: khanchett
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