Exam 5: Forms of Business Ownership and Organization

Access to the Internet and availability of communications devices such as the BlackBerry and other smart-phone technology makes it convenient to run a home-based business.

Small businesses are not required to pay workers' compensation or Social Security.

Corporations have all of the following advantages EXCEPT ________.

Outsourcing from a large corporation has a negative effect on small businesses.

One of the most "business-friendly" provinces in Canada is:

Traditionally,small businesses tended to be concentrated in the ________ industry.

________ newly launched businesses fail after three years of commencing operations.

A business plan for a small business typically contains all of the following EXCEPT ________.

Any firm with fewer than 1,000 employees is considered a small business.

Initial investment amounts and ongoing franchise fees tend to be a relatively small cost of owning and operating a franchise.

A(n)_____ business consists of owners who join forces to collectively operate all or part of the functions in their industry.

Large businesses must be organized as corporations.

Sole proprietorships have all of the following advantages EXCEPT ________.

Why are small businesses especially important to women?

A business plan should include résumés of the company's principal owners.

United Airlines' purchase of Continental Airlines combines the resources and capabilities of both firms to create the world's largest airline.The newly formed company is an example of a _____________.

One of the main advantages of buying a franchise is name brand recognition.

A(n)_____ occurs when one firm purchases the property and assumes the obligations of another firm.

A small business owner who sells the goods or services of the supplier is known as the franchisor.

Dissolving a partnership is easier than breaking up a sole proprietorship.