Business is hard, so here are some basics

Which of the following is an advantage of a sole proprietorship

• Easy to start up

• Decisions do not require the approval of a co-owner, boss, or other "higher-up

• The owner can keep the profits of successful management without having to share them with other owners.

• All of the above

Which of the following is the definition for Corporation?

• business investment that involves renting or leasing another successful business model
• unincorporated business owned and run by a single person who has rights to all profits and unlimited liability for all debts of the firm; most common form of business organization in the United States
• unincorporated business owned and operated by two or more people who share the profits and have unlimited liability for the debts and obligations of the firm
• form of business organization recognized by law as a separate legal entity with all the rights and responsibilities of an individual, including the right to buy and sell property, enter into legal contracts, and to sue and be sued

Which of the following is a disadvantage of a sole trader?

• It is easy to start

• The owner is personally and fully responsible for all losses and debts of the business.

• It is illegal to have more than one person involved in the business.

• You must be an American citizen to be a sole trader.

Select the sources of capital

• Personal savings

• Venture capital

• Loans

• Sole Trader

Which of these is not a concern for a business location?

• Environmental factors

• Geography

• All of these are concerns for a business location

• Government incentives

More small businesses fail than are successful.

• True

• False

At what age can you become an entrepreneur?

• 13

• 18

• 25

• Any age

Which computer company did Steve Jobs start?

• Samsung

• Microsoft

• Apple

• IBM

Who created the hierarchy of needs?

• Abraham Maslow

• Steve Jobs

• Fredrick Taylor

• Fredrick Herzberg

These people have ownership of your business and provide funding.

• Stakeholders

• Management

• Consumers

• Shareholders