15.15.T - Lesson: Entrepreneurship & Business Structures

Which of the following are advantages of cooperatives? (choose all that apply

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. Their owners don't have personal liability for the business.

Which of the following are advantages of cooperatives? (choose all that apply)

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. Their owners don't have personal liability for the business.

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

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

Entrepreneurs develop new products and start new businesses by ________________.

bringing natural, human, and capital resources together

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

cooperative

A business that operates as a separate legal entity from its owners is called a ___________.

corporation

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

franchise

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

One incentive for entrepreneurs is the ability to pursue their _________.

passions

Which of the following are incentives for entrepreneurs? (choose all that apply)

profit helping others

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