Business Types Flashcard

Front

What is a characteristic of a General Partnership?

Back

Two or more owners sharing equal liabilities and profits

Front

Which business type operates under a parent company's guidelines?

Back

Franchise

Front

What does LLC stand for?

Back

Limited Liability Company

Front

Which business type is owned by shareholders? Options: Sole Proprietorship, Corporation, Franchise, LLC

Back

Corporation

Front

What is an example of a business operating under a parent company's guidelines? Options: Sole Proprietorship, General Partnership, Franchise, LLC

Back

Franchise

Front

Which business type has two or more owners but does not share the same liabilities and profits equally? Options: General Partnership, Limited Partnership, Corporation, Sole Proprietorship

Back

Limited Partnership

Front

Which item is a liability? Land, Buildings, Vehicle Loan, Gold

Back

Vehicle Loan

Front

What category does "Machinery" fall under? Options: Asset, Liability, Expense, Revenue

Back

Asset

Front

Which of the following is not an asset? Inventory, Silver, Business Loan, Technology

Back

Business Loan

Front

Which of these is an asset? Electric Bill, Bitcoin, Rent, Subscriptions

Back

Bitcoin