Entrepreneurship & Business Structures Review

in the video about entrepreneurship, how was the owner of Clean & Mean able to craft her work schedule in a way that allowed her to go to the mall with her mom on Friday mornings?

because of the level of independence offered by entrepreneurship

a business that's owned and controlled by the members who use its products is called a ______.

cooperative

which of the following is an example of a cooperative?

credit union

a business owned by an entrepreneur that is licensed to sell products under the name of a larger corporation is called a _____.

franchise

which of the following can discourage the creation of new businesses?

higher tax rates

in the United States, how many small businesses fail within the first year?

one in five

in the United States, one in five small businesses fail within the first year. How many fail within the first five years?

one in two

a business with two or more owners is called a _____.

partnership

an agreement between business partners that outlines each partner's privileges and responsibilities is known as a _____ agreement.

partnership

an individual who owns stocks in a corporation is called a _____.

shareholder

owners of sole proprietorships and partnerships have ____ liability for their businesses

unlimited personal

when do entrepreneurs earn a profit?

when they're able to sell their goods for more money than it cost them to produce those goods

which of the following are true about the impact of entrepreneurship on society? (choose all that apply)

•entrepreneurship increases competition •entrepreneurship leads to higher quality goods

which of the following are advantages of sole proprietorships? (choose all that apply)

•generally easy and inexpensive to start. •their owners have total control over their business. •their owners get to keep all the profits for themselves.

which of the following are advantages of corporations? (choose all that apply)

•they can access an enormous amount of money they can invest. •their owners have limited liability. •their owners all have a say in how the business is run •their owners often get discounts on the goods and services produced by the cooperative