| Question | Answer |
| Who did Dave Thomas name his company "Wendy's" after | his daughter
|
What company did Bill Gates create2 | Microsoft2
| What company did Phil Knight create3 | Nike3
| The introduction of this changed the focus of a majority of people being entrepreneurs to the people being employees4 | assembly lines/manufacturing
| In the business world a business that provides something that is tangible is called a5 | good5
| In the business world a business that provides something that is intangible is called a6 | service6
| What type of economic system does the United States have7 | mixed economy7
| Who demands goods in our economy or world of business8 | consumers8
| Who supplies the goods in our economy or world of business9 | firms/companies9
| This type of business is owned by 1 person10 | sole proprietorship10
| This type of business is created by the government as a legal entity11 | corporation11
| This type of partner is involved in the day-to-day management of the business12 | general partner12
| This type of partner is the one who supplies the money/capital13 | limited partner13
| Which type of business has to deal with double taxation14 | corporation14
| What two things are taxed when talking about double taxation15 | corporation & shareholders15
| True or False: The shareholders are taxed on their dividends as personal income16 | true16
| Most companies are incorporated unless they are very small companies why is that17 | because it is hard to raise the capital (money) for their company17
| True or False: The sole proprietor and his/her company are both taxed18 | False18
| What type of business structure lives on even if the owner dies19 | corporation19
| What are 3 attributes of an entrepreneur20 | motivated, risk taker, creative (there a number of other ones)20
| A person who organizes a business and assumes all risk of that business is called a 21 | entrepreneur21
| Why is competition in the business world important to us as consumers8 | because it usually means lower prices and better quality products8
| Who uses the product or service22 | consumer22
| Who buys the product or service23 | customer23
| Can a customer be a consumer9 | yes9 |
