| Question | Answer |
| What is the name for a person who makes the decision to start a business? | entrepreneurship
|
What is complete legal responsibility for all debts and damages arising from doing business? | unlimited liability
| What is a business called that two or more individuals operate? | partnerships
| What is a temporary partnership called? | joint venture
| What is an organization owned by many people but treated by law as though it were a person? | corporation
| What represents ownership rights to a certain portion of the future profits and assets of the company that issues the stock? | stock
| What is the articles of incorporation? | check sheet
| Who is the board of directors elected by? | stockholders
| Which type of market structure deals with a single seller that determines the price? | monopoly
| Which types of market structure has few suppliers? | oligopoly
| Which type of monopoly is found in a remote place | geographic
| Which type of market structure has numerous buyers and sellers and rarely exists? | perfect competition
| Which market structure is similar to oligopoly, but more sellers are involved? | monopolistic competition
| What prevents others from entering a market? | barrier to entry
| How long does a patent last? | 20 years
| When markets act together to raise a price or divide the market, what is that called? | collusions
| How long does a copyright last? | 70 years
| In which market structure is competitive advertising the most important? | monopolistic competition |
