Domain 1 Lesson 1 Flashcard

Front

The key objective of a small business owner is to generate __________________.

Back

profit

Front

Entrepreneurs are willing to take on new opportunities and unknown __________ to grow their businesses rapidly.

Back

risks

Front

A _______________ is a licensed business that has established operations, products or services, and branding. This business requires more money upfront but has less risk involved

Back

franchise

Front

Businesses sell _____________ and services.

Back

products

Front

A product is a _________________ item such as clothes and toys

Back

physical

Front

A ______________ is intangible, this can include car detailing or computer repairs

Back

service

Front

When a _________________ makes a purchase from a business, it is a business to consumer (B2C) transaction.

Back

customer

Front

When a ________________ makes a purchase from another business, it is a business-to-business (B2B) transaction.

Back

business

Front

Which of the following is a drawback of buying a franchise?
Royalty fees, Greater probability of failure, Unknown business, Have to create from scratch

Back

Royalty fees

Front

Disperses financial responsibility and dissolves upon the death of a partner. Options: General or Limited Partnership, C Corporation, S Corporation, Sole Proprietorship or Partnership, Limited Liability Corporation

Back

General or Limited Partnership