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Business and Labor

Sole Proprietorship
A business owned and managed by a single individual
Which of the following is not a disadvantage of sole proprietorship
Legal Constraints
Business organization
An establishment formed to carry commercial enterprise.
The most prominent form of a business organization is a partnership?
False
What is a fringe benefit?
A payment other than wages or salaries
Zoning Law
Regulation in a city or town that designates separate ares for residency and business
Business License
Authorization to start a business issue by the local government
Fringe Benefits
Payment other than wages.
Dr. Ruiz shares equal responsibility and liability with her colleagues in their medical practice. Her practice is?
General Partnership
The advantages of partnership include ease of start up, shared decision making and a larger pool of capital?
True
What are the money and other valuables that belong to a corporation to partnership called?
Assets
General Partnership
A business in which owners share equally in both responsibility and liability
limited partnership
An establishment owned by two or more persons in which only one person has unlimited personal liability for the business
If a general partnership fails, who is responsible for the debts?
All of them, anyone who works for the partnership, most senior general partner
Shared decision making and specialization is an advantage of;
Partnership
Uniform Partnership Act(UPA)
Act ordering common ownership interests, profit and loss sharing, and shared management responsibility in a partnership
Corporation
A legal entity owned by individual stockholders
This is a formal contract to repay borrowed money with interest at fixed intervals
Bond
Bond
A certificate issued by a corporation promising to repay a loan with interest to the buyer
Stock
A certificate of ownership in a corporation
When two giant automakers, Chrysler Corporation and Daimler-Benz, merged to form a single corporation, which type or merger was it?
Horizontal
Your running shoes were designed in th eUS but assembled in Asia by a company called RunnerPro. RunnerPro is a?
Multinational Corporation
Horizontal Merger
The joining of two or more firms competing in the same mart with the same goodor service.
Stock
A share representing a portion of ownership in a corporation
Trade Association
Non profit association that promotes the interest of a particular industry
Non profit organization
Institution that functions much like a business, but does not operate for the purpose of generating profits
What are royalties?
A percentage of a franchise’s earnings paid to the parent company
Professional organizations are nonprofit organizations that work to improve the image, working conditions, and skill level of people in particular occupations
True
Advantages of business franchises include: management training and support, standardized quality, national advertising programs,financial assistance and centralized buying power
True
A business owner purchases a convenience store that has branches throughout the country. As part of this purchase, the business owner pays fees to the parent company that owns the name of the convenience store. Which type of business does this best describe?
Business franchise
Cooperative
a business organization owned and operated by a group of individuals for their mutual benefit
producer cooperative
agricultural marketing cooperative that helps members sell their products.

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