Business #2 test

One of the major disadvantages of a sole proprietorship is the:

Starting a new business as a sole proprietorship:

A significant disadvantage of owning a sole proprietorship is the:

A partner (owner) who invests money in a business does not take an active role in managing the operation, and is only subject to losing the funds he/she invested.

Compared to a sole proprietorship, which of the following is considered an advantage of a general partnership

In a limited liability partnership, each partner's risk of losing personal assets is:

Which of the following is an advantage of a partnership?

When entering into a new partnership, a good strategy is to:

A(n) ___________________ is a state-chartered legal entity with authority to act and to have liability separate from its owners.

An owner of a corporation is known as a(n):

The form of business ownership best suited to raising large amounts of money for expansion is the:

Which of the following is an advantage of the corporate form of business when compared to sole proprietorships and partnerships?

Compared to partnerships and sole proprietorships, a major advantage of the C (conventional) corporation as a form of business ownership is that it:

Which of the following is normally considered a disadvantage of the corporate form of business?

A separation between ownership and management is most likely to occur in a:

A major advantage of S corporations is that they:

One reason limited liability companies have become so popular is that they:

One reason that companies participate in mergers and acquisitions is:

A(n) _________ occurs when one company buys the property and obligations of another company.

A ______________ merger unites firms at different stages of related businesses.

When two companies in the same industry agree to become one firm, the result is called a:

When two companies in completely unrelated industries agree to become one firm, the result is called

A conglomerate merger will:

One result of taking a firm private is:

A(n) ___________ is an arrangement whereby someone with a proven idea for a business sells the rights to use the business model, to sell a product or service to others in a given territory.

A franchise can be formed:

The most popular type of business for franchising is:

Global franchising offers:

Opening and operating a franchise in a different country:

________ is by far the most popular target for American franchisors seeking to establish franchises in other countries.

Franchised businesses are successful (both domestically and internationally) because:

A ___________ is an organization that is owned and controlled by the people who use it—producers, consumers and workers with similar needs pool their resources for mutual gain.

Which of the following U.S. issues does entrepreneurship most directly affect?

Which of the following explains why individuals accept the risks of business ownership?

Which of the following best describes entrepreneurial personality traits?

6. A(n) ________________ is a group of experienced professionals from different areas of business who join together to develop, make, and market a new product.

Business owners who prefer to maintain their businesses at a manageable size are called:

A successful web-based strategy that helps a business spread the word about its website and products is called ____________.

A creative person working within a corporation to launch new products and generate new profits is known as a(n)

Enterprise zones are specific geographic areas that:

Business incubators are usually government-funded facilities intended to:

The Small Business Administration defines a small business as a firm that:

Small businesses create about __________ percent of the new jobs in the United States.

A business's size is measured:

When comparing small businesses to their larger competitors, it is clear that:

One way to get into business is to buy an existing company. The value of the business used to determine a fair purchase price is based on:

A __________ is a written document that details the business idea, the target market and the business's competitive advantage, financial resources available for the business, and the qualification of the management.

The business plan will include ____________.

Entrepreneurs seeking financial support from bankers and potential investors should:

Bankers and potential investors are likely to read ___________ first.

After personal savings, the next largest source of capital for entrepreneurs is from:

________ are private individuals who invest their own money in potentially hot new companies before these firms become larger, publicly traded companies.

The Small Business Administration's microloan program awards loans to entrepreneurs based primarily on their:

A Small Business Investment Company (SBIC) is a(n)

A ________ refers to people with unsatisfied wants and needs who are willing and able to buy a product or service.

Employees of small businesses often have greater job satisfaction than do employees of larger firms. One reason for this difference in job satisfaction is that employees of small businesses often:

Small businesses must seek advice from outside experts. In order to put together official documents such as leases, contracts, and partnership agreements, it is important to seek the advice of

The size of the world market is about

Increased participation in small business exporting owes credit to _______.

One reason why many U.S. small businesses are not involved in exporting is: