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Businesss Structures
Understanding various types of business
Question | Answer |
---|---|
The simplest and most common form of business is called: | Sole Proprietorship |
------ is a single business where two or more people share ownership and each person contributes special talents and shares in the profits and losses of the business. | Partnership |
Many larger business owners form ---- to protect themselves against financial and legal liabilities. | corporations |
Which type of business has the most complex tax and legal requirements? | Corporation |
A disadvantage of sole proprietorship is | Being held liable (or personally responsible) for negative actions by one of your employees |
In terms of a business, revenue means | the money the business will receive from goods or services |
A business plan describes the nature of the business and outlines all the aspects of a business. It can be compared to a | road map |
A business can't get a -------- without a well thought-out business plan. | loan |
A business plan begins with creating a ------ statement. | mission |
A business plan helps to keep us on track and provides directions so we can plan it's future. This is an example of developing short-term and ---- - term goals. | long-term goals |
Business plans have many components. Which three section titles are always included in a business plan? | Executive summary, mission statement, company description/background |