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Business Principles Exam 1

people who assume the risk of business ownership.
startup costs
the most significant disadvantage of owning a franchise is_____.
Dell computer, Wal-mart, Microsoft
examples of businesses started from scratch
sole proprietorships
the leading type of business in the United states.
Board of directors
the owners of a corporation are the_____.
The U.S. Department of Commerce considers a business small if it has fewer than _____ employees.
Small businesses account for _____ of all new jobs in high technology sectors.
personal resources
the source of funding most commonly used to start a new business.
A new business should have enough capital to operate for at least _____ months without earning a profit.
unlimited liability
A major drawback of sole proprietorships is _____.
The organizational form defines=d as a business that is legally considered an entity separate from its owners and is liable for its own debts is a _____.
limited liability
The biggest advantage of a regular corporation is _____.
double taxation
The biggest potential drawback to the corporate form of ownership is _____.
A(n) _____ is organized to operate like a corporation but is taxed like a partnership
Today, about _____ of all businesses in The U>S> are sole proprietors.
business plan
In a _____, an entrepreneur summarizes the business strategy for a new venture and shows how it will be implemented.
sole proprietorship
legal form of business that is owned and usually operated by one person who is responsible for its debts?
An arrangement that permits the buyer to sell the product of the seller, or parent company, is called a _____.
According to SBA estimates, roughly _____ of all new businesses can expecrt to surive for 4 years.
Factors of small business failures
Managerial incompetence or inexperience, neglect, and weak control systems
general partnership
the most common typ of partnership.
limited partner
liable for debts only to the limits of their investments
corporations that are most likely comprised of doctors, lawyers, accountants, or other proffessionals
board of directors
governing body of a corporation
local owner
Ina franchise agreement the franchisee is the _____.
parent company
In a franchise agreement, the franchiser is the _____.
limited partner
A(n0_____ invests money in a partnership but is liable only to the extent of his/her investment.
Form of business ownership generates the most sales in the U>S>
what are the fastest growing segment of small businesses

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