10 Questions
What is the main difference between a sole proprietorship and a partnership?
The number of owners involved
Which factor is NOT typically considered when choosing a business location?
Number of employees in the business
What does a franchise business model involve?
Licensing another to use its name and procedures
In a cooperative business, who typically owns the business?
Workers or buying members
What does it mean for a corporation to be considered an artificial 'person'?
It can own property and enter contracts like an individual
What is a key consideration when placing a proposed business in a strategic location?
Proximity to target customers for competitive advantage
What information should be included in the 'Funding Requirement and Source' section of a business plan?
Projected breakdown of total costs and funding sources
Why is it important for the name of the owner to be properly stated in a business plan?
For legal clarity and accountability
What distinguishes a corporation from other forms of ownership like sole proprietorship and partnership?
They have limited liability protection for owners
What role does ownership play in entrepreneurship?
It can influence decision-making and accountability
Prepare for your entrepreneurship midterm with this comprehensive lesson outline covering topics like Introduction to Entrepreneurship, Business Plan, Target Market, Marketing Mix, and more. Get ready to ace your exam!
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