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apex economics business of business part 2

A business that is owned and operated by a single individual is known as a ______ proprietorship.
sole
The owner of a sole proprietorship has ______________ liability.
unlimited
Unlimited liability means that sole proprietors are completely responsible for all of the ______ of their business.
debts
Which of the following describes an important difference between general partnerships and limited partnerships?
A general partnership has unlimited liability for all
partners while a limited partnership has limited
liability.
Which of the following explains one way that a general partnership differs from a limited partnership?
Each partner in a general partnership is fully
responsible for all of the business’s debts.
Because of the unlimited liability of all partners, a general partnership most closely resembles which other business type?
Sole proprietorship
Which of the following is an advantage of partnerships over sole proprietorships?
Partnerships generally have more money to invest
in starting or expanding a business.
Which of the following is a disadvantage of partnerships compared to sole proprietorships?
It is sometimes difficult for partners to agree on
every business decision.
Which of the following is not an advantage of a limited partnership?
All partners have to agree with each other when
making business decisions.
The business decisions of a corporation are made by whom?
A board of directors
A corporation is owned by whom?
Stockholders
A corporation gives out its profits as dividends paid to whom?
Stockholders
Match each type of business with its owners.
Public corporation : Stockholders
Limited partnership : Two or more persons
Sole proprietorship : Individual operator.
Match each type of business with the person or persons who get to keep the business’s profits.
Corporation : Stockholders
Partnership : Various investors
Sole proprietorship : Individual owner.
Match each type of business with its purpose.
Sole proprietorship : To make profit for its owner Public corporation : To make dividends for its
stockholders
Nonprofit corporation : To benefit a special cause.
The business model that a company follows is generally spelled out in which of the following?
Business plan
Before starting a business, many people find it useful to describe the way the company will operate in which of the following?
A business plan
The way a company does business is driven by which of the following?
Its business model
Match each business model with the type of business that commonly uses it.
Shopkeeper : Grocery stores
Subscription : Magazines
Bricks and clicks : Retail stores.
Match each business model with the advantage it brings.
Subscription : Steady revenue and predictable profit
Bait and hook :Attractive prices for basic product
Cutting out the middleman : Reduction in transaction costs and processing time.
Match each business model with a real-world example that follows it.
Subscription : New York Times
Bricks and clicks : IKEA
Cutting out the middleman : Gateway Computers.
The Google business model is driven by the sale of which of the following?
Advertisements
The Google business model is most similar to the model followed by which other industry?
Media
Google’s business model relies on which of the following to generate revenue?
The sale of advertisements
Which of the following distinguishes Google’s business model from most other businesses?
Its relaxed corporate culture.
Which of the following best characterizes the corporate culture at Google?
Relaxed and non-traditional
Google’s relaxed and non-traditional corporate culture is one aspect of which of the following?
Its business model
The addition of the word “google” to dictionaries demonstrates that Google has been successful at which of the following business strategies?
Branding
Which of the following demonstrates a successful effort at branding?
The word “google” has been added to the
dictionary
Which of the following statements indicates why Google has been successful at branding?
Google is a corporate name that has become a
common term for “search the Internet.”

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