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Economicss.
Business Organizations.
| Question | Answer |
|---|---|
| A business owned and controlled by one person is called a _____-__________________. | sole-propietorship |
| An advantage of a sole-propietorship is that the owner _______________________________________________________________. | makes all decisions and keeps all of the profit. |
| The debt or amount of money owed by a business is called _____________. | liability. |
| One disadvantage of a sole-propietorship is that owners have unlimited liability. This means that __________________________________________. | personal possessions are at risk. |
| A partnership is _______________________________. | A business owned by two or more people. |
| In a ________________ specific duties can be assigned to different people based on talent and expertise. | partnership |
| There is always a potential for _____________ in a partnership. | conflict |
| To raise money a corporation can issue a _______, which is a certificate of ownership. | stock |
| A corporation is owned by ___________________________ | shareholders |
| The individuals who set the policies and goals for a corporation are called the ______________________________________. | Board of Directors. |
| A corporation can also issue and "IOU", which promises to pay back the face value plus interest. This is called a __________. | bond. |
| 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 |
| One disadvantage od a corporations is that they get taxed twice; once on their earnings and then on the ________________ they pay the stockholders. | dividend |
| A _____________ is a semi-independant business that must follow strict operating rules. | franchise |
| One advantage of a franchise is that the parent company spends money on _________________________________, which can benefit all franchises. | national advertising |
| One disadvantage of a franchise is that its owner must pay ________________ to the parent company, which can sometimes be high. | royalties |
| An example of a __________________ is a credit union. | cooperative |
| ____-_________________________________ do not pay income tax but often find it hard to attract and retain good employees | Non-profit Organizations |
| Corporation, also known as "______" or "__________" | "inc" or "corp." |
| McDonalds, Subway, and Dunkin Donuts are all examples of a __________________. | franchise. |
| North Shore Animal Center, Red Cross, and Island Harvest are all examples of a _______-_____________________________. | Non-profit Organization. |
| __________________ make the most money, whereas a ________-_____________________ has the most businesses in the US. | Corporations, Sole-propietorship |
Created by:
brobles12
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