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UW Eau Claire Bsad 180 exam 2 correctly answered to pass
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UW Eau Claire Bsad 180 exam 2 correctly answered to pass
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UW Eau Claire Bsad 180 exam 2Sole Proprietorship - correct answer ✔✔a form of business ownership with a single owner who usually
actively manages the company
partnership - correct answer ✔✔a voluntary agreement under which two or more people act as co-
owners of a business for profit
general partnership - correct answer ✔✔a partnership in which all partners can take an active role in
managing the business and have unlimited liability for any claims against the firm
corporation - correct answer ✔✔a form of business ownership in which the business is considered a
legal entity that is separate and distinct from its owners
franchise - correct answer ✔✔a licensing arrangement under which a franchisor allows franchisees to
use its name, trademark, products, business methods, and other property in exchange for monetary
payments and other considerations
Reasons to Launch a Business: - correct answer ✔✔Independence, financial gain, pursuing a passion,
solving a problem, and making a difference in the market.
Characteristics of Entrepreneurs: - correct answer ✔✔Risk-taking, innovation, determination, vision,
adaptability, and leadership.
Funding Options: - correct answer ✔✔Personal savings, loans, venture capital, crowdfunding, and angel
investors. Choose based on the amount needed, business stage, and willingness to share
ownership/control.
Ways to Start a Business: - correct answer ✔✔Start from scratch (build from the ground up), buy an
existing business, or become a franchisee.
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