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Unit 2 Review Jeopardy (Ch. 5-7)
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CorporationsProprietorship &
PartnershipsBusiness
Taxes MiscellaneousBusiness
Regulations
60 60 60 60 60
A business owned by 2 or more people
What is a Partnership?
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INCORRECTCORRECT
A business owned and managed by one person.
What is a Sole Proprietorship?
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INCORRECTCORRECT
The greatest disadvantage of a partnership or sole
proprietorship.
What is an Unlimited Liability?
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INCORRECTCORRECT
The most common form of business organization in the
U.S.
What is a Sole Proprietorship?
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INCORRECTCORRECT
Formation that restricts the liability of a partner to the
amount of the their financial investment.
What a Limited Partnership?
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INCORRECTCORRECT
Title of the partner in a limited partnership who assumes
unlimited liability.
What is a General Partner?
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INCORRECTCORRECT
These people are at the top of the corporation’s
organizational chart.
Stockholders?
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INCORRECTCORRECT
The greatest disadvantage of the corporate form of ownership.
What is Double Taxation?
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INCORRECTCORRECT
Profits distributed to stockholders.
What are dividends?
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INCORRECTCORRECT
A type of corporation taxed like a sole proprietorship or
partnership and cannot exceed 100 shareholders.
What is a Subchapter S Corporation?
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INCORRECTCORRECT
Must be obtained by the state in order to form a corporation.
What a Charter?
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INCORRECTCORRECT
Voting option given to shareholders who cannot attend
the corporation’s annual meeting.
What is a proxy?
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INCORRECTCORRECT
The first major law promoting competition and
prohibiting monopolies.
What is the Sherman Anti-Trust Act?
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INCORRECTCORRECT
Government agency that monitors price fixing &
false advertising.
What is Federal Trade Commission?
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INCORRECTCORRECT
Protects inventions for 20 years.
What is a patent?
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INCORRECTCORRECT
Government agency that monitors Stocks and Bonds
What is the Securities & Exchange Commission (SEC)?
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INCORRECTCORRECT
Amount of time a copyright is protected for.
Life + 70 years?
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INCORRECTCORRECT
What is a Natural Monopoly?
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INCORRECTCORRECT
Situation that involves one business providing a public service that has a stable demand and is costly to create.
What is an excise tax?
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INCORRECTCORRECT
Sales tax applied to only selected goods or services
Also known as a proportional tax.
What is a flat tax?
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INCORRECTCORRECT
A tax based on one’s ability to pay.
What is a Progressive Tax?
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INCORRECTCORRECT
Tax used to fund schools in the United States.
What is Property Tax?
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INCORRECTCORRECT
The largest source of revenue for the federal government.
What is income tax?
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INCORRECTCORRECT
On average corporations pay this percent of their profits in various
types of taxes.
What is 50%?
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INCORRECTCORRECT
Commerce that occurs between businesses in
different states.
What is Interstate Commerce?
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INCORRECTCORRECT
Form of business ownership taken by many small business
owners (acronym is LLC).
What is an Limited Liability Company?
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INCORRECTCORRECT
Formal summary of the business and its stock
offering.
What is a Prospectus?
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INCORRECTCORRECT
Mark Cuban’s company broadcast.com was bought
out by this company.
What is Yahoo?
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INCORRECTCORRECT
Organizations or individuals who invest in new and expanding businesses in exchange for a
percentage of their future profit
What is a Venture Capitalist?
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INCORRECTCORRECT
The most common reason that stops people from becoming
entrepreneurs.
What is Fear of Failure?
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INCORRECTCORRECT
