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Flashcards on Business Studies: Types of Businesses
Click on the flashcard to see the answer
What is a sole proprietorship?
A business owned and operated by a single individual.
What is a partnership?
A business owned and operated by two or more individuals who share profits and losses.
What is a corporation?
A legal entity owned by shareholders where liability is limited to the amount invested.
What is a cooperative?
A business owned and operated by a group of individuals with a common goal, who share profits and decision-making.
What is a franchise?
A business owned by an individual or group who pays fees and royalties to operate under an established brand.
What is a non-profit organization?
An organization that exists to fulfill a social or charitable mission rather than to earn profits.
What is a multinational corporation?
A corporation that operates in multiple countries and has a global presence.
What is a microenterprise?
A small-scale business with fewer than five employees.
What is a franchisee?
An individual or group that operates a franchise business.
What is an entrepreneur?
An individual who starts and manages a business, taking financial risks to do so.
What is venture capital?
Investment capital provided by investors to support new business ventures with high growth potential.
What is a start-up?
A newly established business, typically with innovative ideas and high growth potential.
What is a franchise agreement?
A legal contract between the franchisor and franchisee that allows the franchisee to operate using the franchisor's business model.
What is a limited liability company (LLC)?
A form of business organization that combines elements of a corporation and a partnership, providing limited liability to the owners.
What is a publicly traded company?
A company whose shares are traded on a stock exchange, allowing the public to buy and sell shares.
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Test Your Knowledge
What is a business owned and operated by a single individual?
Sole proprietorship
Partnership
Corporation
Franchise
Check Answers
What is a business owned and operated by two or more individuals who share profits and losses?
Sole proprietorship
Partnership
Corporation
Franchise
Check Answers
What is a legal entity owned by shareholders where liability is limited to the amount invested?
Sole proprietorship
Partnership
Corporation
Franchise
Check Answers
What is a business owned and operated by a group of individuals with a common goal, who share profits and decision-making?
Sole proprietorship
Partnership
Corporation
Cooperative
Check Answers
What is a business owned by an individual or group who pays fees and royalties to operate under an established brand?
Sole proprietorship
Partnership
Corporation
Franchise
Check Answers
What type of organization exists to fulfill a social or charitable mission rather than to earn profits?
Non-profit organization
Cooperative
Sole proprietorship
Corporation
Check Answers
What type of corporation operates in multiple countries and has a global presence?
Non-profit organization
Cooperative
Multinational corporation
Franchise
Check Answers
What is a small-scale business with fewer than five employees?
Microenterprise
Corporation
Franchise
Partnership
Check Answers
Who is an individual or group that operates a franchise business?
Sole proprietor
Entrepreneur
Shareholder
Franchisee
Check Answers
What is an individual who starts and manages a business, taking financial risks to do so?
Sole proprietor
Investor
Entrepreneur
Supplier
Check Answers
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