Exam 34: Running Your Own Business

It is also a good idea to have a ____ of your work to show potential customers.

Before you choose your market, you must evaluate ____.

Your ____ should clearly state what your business is, who you are, and how to contact you.

In a ____ structure, two or more people own the business.

Corporations are the easiest type of business to set up.

When you believe you have what it takes to run a business, you need to define what your ____ needs are.

By keeping a ____ of the time spent doing various tasks, you will have a reference for the future that will prove enormously useful.

____ is a relatively new business structure that is a hybrid between a partnership and a corporation.

The tendency is to overestimate how long a project will take.

The corporation is run by a board of directors, which is elected from among the shareholders.

There are two main types of corporations, C corporations and S corporations.

When profits are shared among the partners, it is known as a ____.

Each piece you build and each job you undertake should have a detailed ____ with it, which must include all materials purchased and any time spent engaged in the various tasks associated with it.

Although a corporation can be taxed or sued, its owners, called ____, are not personally liable for the corporation's debts.

A(n) ____ is a person who assumes the responsibility and the risk for a business operation with the expectation of making a profit.

A phrase often heard in articles about starting a business is "____."

In a limited partnership, partners are personally liable for the business's debts, the amount of which is limited to the amount of their investment.

The sole proprietor owns all the assets of the business and all profits generated by it.

The simplest form of business structure is a ____, and most small businesses start out this way.

Successful business owners are self-starters, they can get along with many different personality types, and they are able to develop working relationships with various types of people.