1. REVIEW ENTREPRENEURSHIP
OWNERSHIP
March 12, 2013

2. The legal form of
ownership which has the
most difficulty in
obtaining capital.

3. WHAT IS. . .
Sole
Proprietorship

4. Owners of a
corporation are called

5. WHAT IS. . .
STOCKHOLDERS

6. An enterprise that has
two or more owners.

7. WHAT IS. . .
Partnership

8. Business owned by a group
of people and authorized to
act as though it were a
single person.

9. WHAT IS. . .
Corporation

10. This means that the business
will be dissolved upon the
death, imprisonment, or
bankruptcy of the proprietor

11. WHAT IS. . .
Limited life

12. Top executives who are
hired to manage the daily
operations of a business.

13. WHAT IS. . .
Officers

14. This means the OWNERS are
personally liable for all
business debts.

15. WHAT IS. . .
Unlimited liability

16. Persons elected by stockholders
to develop long term plans and
policies for a corporation.

17. WHAT IS. . .
Board of Directors

18. This disadvantage has
Owners being taxed on
profits twice. It is Called….

19. WHAT IS. . .
Double taxation

20. Ownership that lets owners have
the protection from unlimited
liability, the tax benefit of an
individual and less than 75
stockholders is called a(n)....

21. WHAT IS. . .
S corporation

22. The ownership can operate
indefinitely as long as it is
profitable and does not end
because of death or
incapacity of the owner.

23. WHAT IS. . .
Continuous Life

24. Profits kept in the
business for expansion
are called...

25. WHAT IS. . .
Retained Earnings

26. This advantage encourages
employees to remain with
the business by making
them an owner. This is
called…

27. WHAT IS. . .
Employee incentive

28. When one person owns
and operates a business it
is called...

29. WHAT IS. . .
Sole Proprietorship

30. An owner can sell the equipment,
inventory and other assets
whenever he/she wants to close
the business. This advantage is
called ......

31. WHAT IS. . .
Easy Dissolution

32. No legal documents are
required. Just a trip to Toms
River to the Ocean County
Clerk’s office. This
advantage is called....

33. WHAT IS. . .
Easy Start-up

34. This is an official document granted
by a state giving power to run a
corporation. It permits the
enterprise to engage in only those
business activities stated in the
document. It is called....

35. WHAT IS. . .
A Charter

36. Needing a charter, an
application, paying a fee and
possibly hiring a lawyer and an
accountant before you can
open the business is a
disadvantage called .....

37. WHAT IS. . .
Complicated formation

38. This advantage that allows this
owner to keep the financial
records private.

39. WHAT IS. . .
Secrecy

40. The legal document that binds
ALL partners in business

41. WHAT IS. . .
Articles of
Partnership

42. The most common
type of business
ownership.

43. WHAT IS. . .
Sole
Proprietorship

44. The ownership with
the easiest startup.

45. WHAT IS. . .
Sole
Proprietorship

46. Owner is not involved
with the daily operations
of the business.

47. WHAT IS. . .
Limited
Partnership

48. The type of ownership
where all profits are
yours

49. WHAT IS. . .
Sole
Proprietorship

50. When a partner is
protected with limited
liability it is called . . .

51. WHAT IS. . .
Limited
partnership

52. When a business’s
existence is not
affected by the death of
the owner it is called . .

53. WHAT IS. . .
Corporation

54. Business ownership best
suited for a business that
sells merchandise or
provides a service on a
small scale.

55. WHAT IS. . .
Sole
proprietorship

56. Ownership that has
combined management
skills

57. WHAT IS. . .
Partnership

58. Ownership that has little
incentives for employees

59. WHAT IS. . .
Sole
Proprietorship

60. Ownership where it is
difficult to withdraw
your investment

61. WHAT IS. . .
Partnership

62. Various government reports
must be submitted
periodically for this type of
ownership.

63. WHAT IS. . .
Corporation

64. This business ownership
is completely controlled
by owner.

65. WHAT IS. . .
Sole
Proprietorship

66. This disadvantage has
owners risking their
personal assets along
with their invested
capital. It is called…

67. WHAT IS. . .
Unlimited
Liability

68. WHAT IS. . .
The most important
advantage of partnerships
when compared to
proprietorships is __?__

69. WHAT IS. . .
Added Capital

70. A sole proprietor files
income tax with a __?__
form.

71. WHAT IS. . .
1040 FORM

72. The place where permission
is granted for a sole
proprietorship.

73. WHAT IS. . .
Ocean County
Clerk’s Office

74. The city you send
your corporation
application is…..

75. WHAT IS. . .
TRENTON, NJ

76. The ownership that
allows flexibility to have
a retained earnings
account one year and
not have one the next
year

77. WHAT IS. . .
S Corporation

78. This ownership has
Limited Liability but not
double taxation

79. WHAT IS. . .
S Corporation
or Limited
Liability Corp.
(LLC)

80. The ownership with a
retained earning account

81. WHAT IS. . .
Corporation

82. WHAT IS. . .
TEST
TOMORROW