Entrepreneurs And Business Organization

Question 1

A business owned and managed by one person

Answer 1

Sole proprietorship

Question 2

The legal responsibility to repay debts and to pay for damages resulting in a lawsuit

Answer 2

Liability

Question 3

A business owned by shareholders will have limited liability for the firms debts

Answer 3

Corporation

Question 4

A corporation that does buisness in more than one country

Answer 4

Multinational organization

Question 5

And arrangement in which a parent company, or franchiser, distributes its products or services through independently owned outlets

Answer 5

Business franchise

Question 6

A business organization that is jointly owned and operated by a group of individuals for their mutual benefit

Answer 6

Cooperative

Question 7

And organization that function as much like a business but does not operate to make a profit

Answer 7

Nonprofit organization

Question 8

A business owned by two or more co-owners who share profits from the business and are legally responsible for the business debts

Answer 8

Partnership