Profit, Risk Taking, and Entrepreneurs
a. What is one measure of the success of a business?
b. What is an entrepreneur? List two characteristics of an entrepreneur.
Types of Business Operations
a. Name and describe the three types of business operations.
b. What is the major difference between a merchandising business and a manufacturing business?
Forms of Business Organization
a. Describe each of the three forms of business organization.
b. What is the purpose of a partnership agreement?
Advantages and Disadvantages of Forms of Business Organization
a. List two advantages and two disadvantages of each business form.
b. What disadvantage do a sole proprietorship and partnership share?