Unit 2 and Unit 3 - Bus Org and Entrepreneurship review

Entrepreneurs take on both the risks and rewards of starting a new business.

• true
• false

Sole proprietorships require complex legal agreements to start.

• true
• false

In a partnership, profits and losses are shared equally by default unless otherwise stated in an agreement.

• true
• false

Corporations provide limited liability protection to their owners.

• true
• false

Franchises are always guaranteed to be successful because they follow an existing business model.

• true
• false

Entrepreneurs must rely solely on their personal funds to start a business.

• true
• false

Ethical behavior and integrity are essential qualities for a successful entrepreneur.

• true
• false

LLC stands for "Limited Liability Corporation.

• true
• false

An LLC protects the personal assets of its owners in the case of business debts.

• true
• false

Entrepreneurs should avoid taking risks at all costs.

• true
• false