Lesson 41 - unit 9

Question 1

What are some reasons why someone might start a business?

Answer 1

1. To make a profit
2. To fulfill a dream
3. To provide a way for others to receive training in a skill or trade
4. To continue a family business
5. To provide employment

Question 2

What is the most common form of business orgznization in the United States?

Answer 2

Sole proprietorship.

Question 3

How do partners in a partnership share and bear obligations?

Answer 3

However they agree to.

Question 4

What form of business orginazation involves a charter, a board of directors, and officers?

Answer 4

A corporation.

Question 5

What is the name of the small parts of a corporation that give owners the right to vote on corporate matters and receive portions of the profits that the corporation makes?

Answer 5

Stock.

Question 6

What is an LLC?

Answer 6

A Limited Liability Company.

Question 7

What is a PC?

Answer 7

A Professional Corporation.

Question 8

What is a 501(c)(3) organization?

Answer 8

A Federally recognized Charitable Organization that is non-profit and tax-exempt.

Question 9

What product did Dan Gerber develop?

Answer 9

Baby food.

Question 10

Who improved lubrication on locomotive engines?

Answer 10

Elijah McCoy.

Question 11

What are some traits that the Michigan entrepreneurs described by Burton Folsom have in common?

Answer 11

1. They built their empires locally
2. They were highly inventive and creative
3. They wanted to build empires more than they wanted to make money
4. They followed Biblical principles
5. They were fiercely independent
6. They were averse to monopolies and government solutions