General Business Exam Review Questions & Answers 2023/2024

General Business Exam Review Questions & Answers 2023/2024 Sole Proprietorship - ANSWER-A form of business ownership with a single owner who usually actively manages the company Partnership - ANSWER-A business in which two or more persons combine their assets and skills corporation - ANSWER-an organization with the legal rights of a person and which many persons may own through stock holders Entreprenuer - ANSWER-A person who organizes, manages, and takes on the risks of a business. Stockholder - ANSWER-An owner of one or more shares of a stock in a corporation Board of Directors - ANSWER-The individuals who are elected by stockholders of a corporation to represent their interests. officers - ANSWER-top executives who are hired to manage the business Unlimited financial Liability - ANSWER-joint owners that are equally responsible for debt and liabilities accrued by the business; can be paid off through the owners' personal assets Franchise - ANSWER-A contract that gives a single firm the right to sell its goods within an exclusive market Royalty - ANSWER-share of earnings given as payment