Corp., Inc, Co. Me, Myself & I Partner Up Know That Term Grab Bag Potpourri 10 10 10 10 10 10 20 20 20 20 20 20 30 30 30 30 30 30 40 40 40 40 40 40 50 50 50 50 50 50

What does it mean to incorporate a business? 10 To form a Corporation 10 Corp., Inc, Co.

The form of business organization that accounts for 82% of all sales revenue in the US 20 Corporations 20 Corp., Inc, Co.

A business that is owned by members of the family and a few close friends, that do not trade public stock 30 Closed Corporation 30 Corp., Inc, Co.

What state must a business incorporate in? 40 Any it chooses 40 Corp., Inc, Co.

Who elects the board of directors? 50 Stockholders 50 Corp., Inc, Co.

True or False: As a partnership, you will be able to get more capital and credit to start a business than a sole proprietorship. 10 True 10 Partner Up

If your partner enters into a contract without your consent, who is legally responsible for the contract? 20 You and your partner 20 Partner Up

In which type of partnership is the liability of a partner limited to the amount of the partner’s investment? 30 Limited partnership 30 Partner Up

List two disadvantages of partnerships? 40 Unlimited liability, disagreement among partners, bound by contracts of others 40 Partner Up

True or False: Partners in a Partnerships are taxed the same way as a sole proprietors 50 True 50 Partner Up

Which form of business is the easiest to start? 10 Sole Proprietorship 10 Me, Myself & I

True or False: As long a I remain the only owner, I may delegate some of the decision making to managers and still be considered a Sole Proprietorship. 20 True 20 Me, Myself & I

True or False: Businesses owned by one person usually have enough funds for emergency situations. 30 False 30 Me, Myself & I

List the advantages of proprietorships 40 Flexibility, Retain all profits, Limited red tap, Ease of start-up/close 40 Me, Myself & I

List the disadvantages to a proprietorship. 50 Must have all skills and abilities, lack funds, bears all losses, illness or death may close the business 50 Me, Myself & I

What was the score of the Giants game on Sunday night? 10 31 to 28 Cowboys 10 Potpourri

Name three of the four members to the beatles. 20 John Lennon, Ringo Star, Paul McCartney, George Harrison 20 Potpourri

What is the name of Johnny Depp’s character in “Pirates of the Caribbean”? 30 Jack Sparrow 30 Potpourri

What is the square root of 169? 40 13 40 Potpourri

Dasher, Dancer, Prancer, Vixen, Comet, Cupid, Donner, Blitzen, Rudolf Name all 9 of Santa’s reindeer. 50 Dasher, Dancer, Prancer, Vixen, Comet, Cupid, Donner, Blitzen, Rudolf 50 Potpourri

One advantage of owning stock is the ease to transfer ownership True or False: One advantage of owning stock is the ease to transfer ownership 10 True 10 Know That Term

When the owner is responsible for all business debts When the owner is responsible for all business debts. This occurs in both proprietorships and partnerships. 20 Unlimited Liability 20 Know That Term

This makes up about 72% of all businesses 30 Sole proprietorships 30 Know That Term

As a stockholder, if you can not attend a meeting, you may decide to register your votes by 40 Proxy 40 Know That Term

Limited-Liability Corporation (LLC) Experts believe this is likely to become one of the most popular types of business organizations. 50 Limited-Liability Corporation (LLC) 50 Know That Term

True or False: A banker or lender is more likely to make sizable loans to a sole proprietor than to a partnership. 10 False 10 Grab Bag

List the three most common forms of business ownership 20 Corporations Partnerships Sole Proprietorships 20 Grab Bag

Who appoints corporate officers? 30 The Board of Directors 30 Grab Bag

A voluntary associate of two or more people acting as co-owners 40 Partnership 40 Grab Bag

True or False: The weakness of one partner may be offset by another partner’s strength. 50 True 50 Grab Bag