Exam 5: Forms of Business Ownership and Organization

Many businesses fail during the early years because of ______.

Devon and Keith opened a restaurant as a partnership. Two years later, Keith left the restaurant, and Devon discovered that Keith had charged numerous expenses to their account. These expenses resulted in thousands of dollars worth of debt for the restaurant. What option does Devon have in this situation?

______ must verify in writing the accuracy of their corporation's financial statements.

Mention and explain some innovations developed by small/medium-sized businesses in the twentieth and twenty-first centuries which have become very useful to society in general.

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

Chen is a franchisee of a local retail shop. One of his chief concerns regarding owning a franchise is that

Corporations have all of the following advantages EXCEPT ______.

List the elements contained in a business plan.

LinkedIn is a social networking site with an employment focus.

Describe three primary reasons a small business might fail.

Franchising combines the freedom of business ownership with the support of a large company.

Complete the following using the terms listed below. -A(n) ______ joins a firm in the same industry that wishes to diversify, increase its customer base, cut costs, or offer expanded product lines.

In Canada today, the number of small and medium-sized enterprises that have at least one female owner is ______.

______ has made small businesses more competitive in the twenty-first century.

Owners of corporations may owe personal income taxes on dividends, which are paid from after-tax corporate profits. This is an example of double taxation.

When founding members of Mary Kay Inc. wanted to regain family control of the cosmetics business, they changed the company ownership from publicly held to ______, in order to control and manage corporate activities.

Innovation is a major small business advantage.

Which government program guarantees repayment of bank loans given to small business?

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 ______.

Non-farming small businesses such as insurance agencies and retail shops contribute less than 10 percent of the nation's GDP.