Business Essentials

According to figure 8.1, the type of organization with the most sales in the United States is?

• Corporations

• Partnerships

• Sole Proprietorships

• Franchises

a semi-independent business that pays fees to a parent company in return for the exclusive right to sell a certain product or service in a given area

• Sole Proprietorship

• Partnership

• Corporation

• Franchise

Advantages of this business type are that the owner is their own boss and gets to keep all the profits.

• Partnership

• Sole Proprietorship

• Corporation

• Franchise

Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.

• Sole Proprietorship

• Partnership

• Corporation

• Franchise

people who take the risk to organize resources in order to start a business

• market

• entrepreneurship

• economics

• services

A(n) _________ is someone who sets up a new business to make a profit.

• monopoly

• corporation

• entrepreneur

• anarchist

The disadvantages of this business organization include unlimited liability, difficulty raising financial capital, difficulty attracting qualified employees, and having a limited life

• Sole Propriotorship

• Partnership

• Corporation

If a news headline says, "Finally!!! 2 straight months of increased jobs."

Where on the business cycle is the current economy?

• Peak

• Contraction/Recession

• Trough

• Expansion/Growth/Recovery

If a news headline says, "3 months of consecutive job losses is impacting consumer confidence."

Where on the business cycle is the current economy?

• Peak

• Contraction/Recession

• Trough

• Expansion/Growth/Recovery

A business structure where two or more individuals share ownership and responsibilities.

• Sole Proprietorship

• Partnership

• Corporation

• Franchise