Entrepreneurship Chaps. 3.1 & 3.2 Types of Business & Business Ownership
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each of the black spaces below before clicking
on it to display the answer.
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| A manufacturing business (manufacturer) | What type of business converts materials
into goods suitable for use and then sells those goods to others?
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| A wholesaling business (wholesaler) | What type of business buys goods in large quantities, typically from manufacturers, and resells them in smaller batches to retailers?
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| A retailing business (retailer) | What type of business buys goods, often from wholesalers, and resells them directly to consumers, who are the end buyers?
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| A service business | What type of business provides services to customers for a fee?
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| 1950's | Which decade was the country’s dominant industry for manufacturing?
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| 1950s and 1960s | Which decades America experienced a boom in franchising?
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| 1970 | Which decade did service, wholesale, and retail businesses account for the majority of America’s economic production.
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| 2000s | The vast majority of businesses started in the service and trade businesses was which decade?
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| What does NAICS represent? | North American Industry Classification System
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| The top ten companies have one thing in common and what is it? | They provide some type of service!
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| 2020 | Service businesses are expected to dominate the U.S. economy through this date.
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| Owner’s liability | __________ ____________ is the legal obligation of a business owner to use personal money and possessions to pay the debts of the business.
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| Unlimited liability | ___________ ___________ means that a business owner can be legally forced to use personal money and possessions to pay the debts of the business.
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| Limited liability | ___________ ___________ means that a business owner cannot be legally forced to use personal money and possessions to pay business debt.
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| A sole proprietorship | What type of ownership is a legally defined type of business ownership in which a single individual owns the business,
collects all profit from it, and has unlimited liability for its debt.
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| Sole proprietorship | This is the simplest and least expensive option for business ownership.
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| Sole proprietor | This type of business ownership has unlimited liability for any business debts.
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| Partnership | ______________ is a legally defined type of business organization in which at least two individuals share the management, profit, and liability.
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| Limited partnership | ____________ ____________is structured so that at least one partner (the general partner) has limited liability for the debts of the business.
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| general partners | Because__________ ___________ have unlimited liability, they risk losing personal money and possessions to pay business debts.
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| corporation | A _______________ is a legally defined type of business ownership in which the business is considered a type of “person” (or “entity”) under the law, and limited liability is granted to the business owner(s).
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| owners | The ____________ of a corporation are called its shareholders or stockholders.
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| Shareholders | _______________ have a limited liability. They risk only the money they invested in the corporation.
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| C corporations | Most corporations are ____ _____________, which are taxed as an entity by the federal government.
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| limited liability | A ____________ ____________ company is a legally defined type of business ownership similar to a C corporation, but with simpler operating requirements and tax procedures and greater liability protection for the business owners.
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| nonprofit corporation | A __________ _____________is a legally defined type of business ownership in which the company operates not to provide profit for its shareholders but to serve the good of society.
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| cooperative | A _______________ is a business owned, controlled, and operated for the mutual benefit of its members—people who use its services, buy its goods, or are employed by it.
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