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1 An Internet search for information about franchise businesses will not help you find out
1 An Internet search for information about franchise businesses will not help you find out A. start-up costs.
B. the number of hours you'll have to put in.
C. support you'll receive from the parent corporation.
D. the variety of franchise businesses available.
2 All of the following phrases describe a partnership except
A. high protection for your personal assets.
B. shared responsibility for decisions.
C. the involvement of up to 20 partners.
D. low start-up costs.
3 Once you've chosen your business and focused on your niche, the next step is to
A. research the amount of capital you'll need.
B. research the best location for your shop.
C. write your business plan.
D. establish a Web presence.
4 Which one of the following types of businesses has the least amount of personal liability?
A. Sole proprietorship
B. Corporation
C. Close corporation
D. Partnership
5 If teamwork and support are high on your priority list, a _______ may be a poor choice for a business.
A. sole proprietorship.
B. corporation.
C. partnership.
D. close corporation.
6 Rob, Dave, and Kelly understand the financial risks involved in starting their own brewery; that's why they've established their business as a
A. company.
B. proprietorship.
C. partnership.
D. close corporation.
7 Ultimately, to be successful, a business must
A. make a profit.
B. provide a service.
C. fulfill a commercial need.
D. make you happy.
8 The overwhelming majority of existing businesses are
A. close corporations.
B. partnerships.
C. corporations.
D. sole proprietorships.
9 One of the disadvantages of a sole proprietorship is
A. large claims on profits.
B. high start-up costs.
C. danger to your personal assets.
D. lack of control for you.
10 Suzanne, who started a new restaurant, set up her business as a _______ in order to keep her personal and business finances legally separate.
A. company
B. close corporation
C. partnership
D. sole proprietorship
NEED HELPP i passed all my classes except this class and i'm retaking business for a 3rd time pleaseeeeee help
1) D. the variety of franchise businesses available.Conducting this general search would give you a general information regarding the franchise location and the price to obtain the franchise to use for a specific period of time. But, the number of hours, the start up cost, and support from parent corporation would not be known until you operate and manage the franchise yourself.2) A . high protection for your personal assetsIn case a partnerships went bankrupt and the firm unable to pay all of its liabilities using the firm's assets, the remaining amount must be paid by the partners using their own money. Because of this, we can infer that partnerships do not provide protection for your personal assets.3) . A. research the amount of capital you'll need.The amount of capital should include all things that need to be exist until your business is ready to operate. This cover things such as your building rent, the salary for your workers, the amount of materials needed for your product, expense occurs for business permit, etc.4) B. CorporationUnlike any other type of businesses, shareholders of a corporation do not have to pay with their personal money in case the corporation is bankrupt and unable to pay for its liabilities. One downside of this is that they are required to be audited by public auditor each years.5) A. Sole proprietorshipA sole proprietorship is funded using one person's money, and all ownership and profit would belong to that one funder. This type of business tend to be really small, and you would not have any partners that can help you to formulate management plan. Sole proprietorship tend to be suitable for someone who likes to work alone or minimal amount of team.6) D. Close corporationClose corporations had the protection of personal assets like large corporations, but the amount of shareholders that can exist usually only limited to a small number of people. Close corporation would not be able to pull large number of capital from the public like normal corporations do.7) A. Make a profitA profit refers to the difference between the money that you obtain from business operation compared to the expense. Profit not only enable business to sustain its operation to next period, but it also act as some sort of drive for the owners to keep putting their hours into the business.8) D. Sole proprietorshipEven though sole proprietorship cannot pull the amount of capital like other type of business, it's by far the easiest to be established due to its low requirement. Currently, more than 70% of existing businesses are sole proprietorship, 13% of them are small corporations, 8% of them are partnerships, and 5% of them are corporations, and the rest are other type of businesses.9) C. Danger to your personal assetsSole proprietorship is created using only one person's capital. This mean when the business goes bankrupt and cannot pay for its liabilities, you as the sole owners of the business had to sell your personal assets to cover for the...