Term
| What is an advantage of a franchise over a sole proprietorship? |
|
Definition
| Parent company provides training and support to franchisee. |
|
|
Term
| How are a franchise and a sole proprietorship alike? |
|
Definition
| Easy to start the business |
|
|
Term
| How is a corporation different from a sole proprietorship and a partnership? |
|
Definition
| Corporations provide limited owner liability. |
|
|
Term
| When comparing the four main business types, which has the most risk and rewards for an individual? |
|
Definition
|
|
Term
| When comparing the four main business types, which allows the owner to start selling products most quickly? |
|
Definition
|
|
Term
| When comparing the four main types of businesses, which has the BIGGEST DISADVANTAGE when it comes to paying taxes? |
|
Definition
|
|
Term
| When comparing the four main types of business organization, which type protects owners the MOST from personal financial liability due to being sued by a customer? |
|
Definition
|
|
Term
| Steven and his brothers want to start a plumbing business together. What is an advantage of organizing the business as a partnership rather than a corporation? |
|
Definition
| Partnerships can be started up quickly. |
|
|
Term
| How is a corporation different from a sole proprietorship? |
|
Definition
| Corporations can sell stock to raise money for the business. |
|
|
Term
| How is a corporation different from a sole proprietorship or partnership? |
|
Definition
| Corporation requires a legal charter to start. |
|
|
Term
| What is an advantage of a partnership over a sole proprietorship? |
|
Definition
| Unlimited legal liability shared |
|
|
Term
| How are sole proprietorships and partnerships alike? |
|
Definition
| Owners have complete control of the business. |
|
|
