Busines Exploration JEOPARDY! Get ready to play… Mrs. Largo 2011

Business Explorations JEOPARDY! 1.The room will be divided into two groups or teams. 2.Each side will take turns selecting a question. 3.Each person from the team will have a chance to answer (we will go up and down the rows with each question so everyone gets a chance). 4.If you cannot answer within 10 seconds, the other team will have a chance to answer. 5.If they cannot answer within 10 seconds, the original team can answer. 6.Incorrect answers in Double Jeopardy will be penalized—so be careful! 7.You may use your books/notes but hurry up! Time will run out! 8.There are 6 Daily Doubles. 9.A score keeper is needed. 10.Answers must be in the form of a question. 11.The team with the most money wins! Let’s Play!

$500 $400 $300 $200 $100 Sole Prop.PotpourriCorporationsPartnershipsTerms

What is profit? The money left from sales after expenses have been paid. Terms

What is net worth? This is the value of your assets MINUS your liability. Terms

What are liquid assets? Assets that can be converted to cash quickly are said to be this. Terms

What is a horizontal merger? This type of merger occurs when two business of the same type converge. For instance, if Cingular and T-Mobile were to merge. Terms

What is a conglomerate? When companies of different industries merge together, this occurs. An example would be a car company purchasing a cable TV network. Terms

What is TRUE? The answer to the following T/F question: Sole proprietorships usually have limited access to additional financial resources. Sole Prop.

What is a local license or permit? You need to file one of these with the city or village when starting a sole proprietorship. Sole Prop.

What is true? The answer to the following T/F question: The profits of the business are taxed as personal income of the owner. Sole Prop.

What is a franchise? This special type of ownership is usually more successful than sole proprietorships and partnerships. It generally costs a lot to start up and the owner purchases the name and product of the company which provides the owner with support. Sole Prop.

What is do nothing but pay off final debts? This is what you have to do to terminate a sole proprietorship? Sole Prop.

What is “any”? This is the number of partners you can have in a partnership. Partnerships

What is general? Of general or limited, this is the type of partner that runs or manages the business. Partnerships

What is provide capital resources (money)? A limited partner provides this for a business. Partnerships

What are (any of the following) division of profits, disagreements between partners, unlimited liability, and difficult to terminate? These are two disadvantages of partnerships. Partnerships

What are “Articles of partnership”? The legal document required for a partnership. Partnerships

What is TRUE? The answer to the following T/F question: Individuals may incorporate to limit their liability from lawsuit. Corporations

What is a Board of Directors? This group is voted on by the stockholders of a corporation. They essentially run the company, including appointing the CEO. Corporations

What are: buy low/sell high or collect dividends? One of the two ways stockholders can make money from their stock. Corporations

What are: attend an annual stockholders’ meeting, share on profits, voting rights, and pre-emptive rights to additional stock? Two of the four rights stockholders receive. Corporations

What are: being taxed on initial sales/profits and being taxed on dividends given to shareholders? These are the two ways corporations are taxed. Corporations

What are sole proprietorships? The most common form of business ownership. Potpourri

What are sole proprietorships and partnerships? These are two forms of business where, if sued, the owners’ personal possessions can be seized. These have unlimited liability. Potpourri

What are the New England Patriots? The best football team ever!!! Potpourri

Who are restaurants? This is the most popular type of business for franchises. Potpourri

What is corporation? This is the form of business that, when the owners die, the business will continue, legally. Potpourri