BusinessU, Lesson 15-2 Pre Test

Front

An amount that reduces a business's revenue, or individual’s income, which in turn reduces the taxes owed.

Back

Tax Deduction

Front

An employee who is hired for a specific job at a specific rate of pay, but is not considered a permanent employee, is called:

Back

contract employee

Front

A labor market involving temporary, flexible, freelance jobs, often using technology to connect workers with those who are hiring, is called:

Back

gig economy

Front

A company that is operated out of someone's residence.

Back

Home-based business

Front

An person who owns a small business.

Back

Small Business Owner

Front

What type of business has one owner, is easy to get started, where the owner has complete control, and where the owner is personally and fully responsible (liable) for any debts and any other damages that might be caused by the business? Options: Limited Partnership, Limited Liability Company, S Corp

Back

Sole Proprietorship

Front

What type of business has multiple owners, benefits from individuals combining resources, but whose liability isn’t limited to the amount of their investment?

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General Partnership

Front

The type of business ownership where one or more partners have decision-making abilities and unlimited liability, and, where one or more partners have no decision-making abilities and have limited liability.

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Limited Partnership

Front

This type of business ownership sells shares to the general public and reports its financial information to the public.

Back

C Corp

Front

This type of business ownership allows the company to operate using someone else’s brand name, training program, systems and processes, and operational guidelines, by paying an up-front fee and on-going royalty.

Back

Business Format Franchise