POB Exam UPDATED QUESTIONS AND CORRECT ANSWERS

POB Exam UPDATED QUESTIONS AND
CORRECT ANSWERS
Sole Proprietorship - CORRECT ANSWERS A business owned by one person



Partnership - CORRECT ANSWERS A business in which two or more persons
combine their assets and skills


Corporation - CORRECT ANSWERS A business owned by stockholders who share in
its profits but are not personally responsible for its debts


LLC - CORRECT ANSWERS Business owned by one or more people who operate a
business with limited liability


Franchise - CORRECT ANSWERS A business established or operated under an
authorization to sell or distribute a company's goods or services in a particular area. The
business owner's in particular do not necessarily have any operating experience.


liability - CORRECT ANSWERS The responsibility a person has when performing an
action


Licensing - CORRECT ANSWERS selling the right to use some process, trademark,
patent, or other right for a fee or royalty


Scarcity - CORRECT ANSWERS A situation in which unlimited wants exceed the
limited resources available to fulfill those wants


Wants are - CORRECT ANSWERS Unlimited, changeable, and competing



Goods - CORRECT ANSWERS tangible products that we use to satisfy our wants and
needs