About This Chapter
Praxis Marketing: Types of Business Ownership - Chapter Summary
Use these text lessons and video lessons to learn more about business entities and how they're structured. Get a quick introduction to sole proprietorships, limited liability companies (LLCs), and corporations, and see which kind of ownership is typical for a given type of business. In addition, you'll learn about:
- Pros and cons of sole proprietorships
- Pros and cons of LLCs
- Pros and cons of incorporation
- Types of corporations
When you use these chapter materials, you'll get clearly written text lessons and explanatory video lessons so that you can be confident in sitting for the Praxis Marketing Education test. You'll also see where your strengths and weaknesses are so that you can better plan your study activities.
Praxis Marketing: Types of Business Ownership Objectives
The various kinds of business ownership options are covered as part of the general business principles section of the test. The full test is 120 multiple-choice questions, and test-takers are given two hours to complete the test. After completing test prep materials, you'll have good idea of where to focus your energy and studying. The Praxis Marketing Education exam is intended to assess the readiness of students who want to be middle or high school marketing education teachers. You can expect that roughly 14% of the test will cover general business principles, which is where you'll find questions about business ownerships; this works out to about 17 questions.
1. What is a Sole Proprietorship? - Definition, Advantages, Disadvantages & Examples
Many businesses start out as sole proprietorships. In this lesson, you'll learn what a sole proprietorship is and its advantages and disadvantages. You'll also have a chance to reinforce your knowledge with a short quiz.
2. The Basics of Partnerships: Types & Examples
Partnerships are a common way to organize a business in the United States. In this lesson, you'll learn about different types of business partnerships and their respective advantages and disadvantages. A short quiz follows the lesson.
3. The Basics of LLCs: Limited Liability Companies
The limited liability company is one of the most popular business organizational forms for small and medium-sized businesses. In this lesson, you'll learn about the key characteristics of a limited liability company. A short quiz follows.
4. Corporations: Types, Advantages, Disadvantages & Examples
Corporations are a popular form of business organization for large and small businesses. In this lesson, you'll learn about the advantages and disadvantages of a corporation. You'll also learn about S-corporations and C-corporations.
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Other chapters within the Praxis Marketing Education (5561): Practice & Study Guide course
- Praxis Marketing: Professional Development
- Praxis Marketing: Economics
- Praxis Marketing: Finance
- Praxis Marketing: Business Law
- Praxis Marketing: Workers' Rights & Collective Bargaining
- Praxis Marketing: Business Communication
- Praxis Marketing: Management
- Praxis Marketing: Information Management
- Praxis Marketing: Research and Segmentation
- Praxis Marketing: Strategic Planning
- Praxis Marketing: Marketing Channels
- Praxis Marketing: Pricing
- Praxis Marketing: Product Management
- Praxis Marketing: Promotion
- Praxis Marketing: Selling
- Praxis Marketing Education Flashcards