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Study Resources (Business Management)

Assessment Check Answers 4.1 What opportunities does globalization create for today’s entrepreneurs? 4.2 Identify the educational factors that help expand current opportunities for entrepreneurs. 4.3 Describe current demographic trends that present opportunities for entrepreneurial businesses. .
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11.In a(n) ________________ one firm combines with another firm in the same industry. 12.A(n) ________________ is a legal organization whose assets and liabilities are separate from those of its owner(s). 13.A business that is owned by one person is a(n) ________________. 14.________________ is generally defined as any firm that is independently owned and.
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1.What advantages do small businesses brings to the U.S. economy? What disadvantages must successful small businesses overcome? 2.What is a joint venture? Discuss the trend of establishing joint ventures between for-profit companies and not-for-profit organizations. How can this type of joint venture be beneficial? Provide an example. .
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1.The most widely used form of business ownership is: a.sole proprietorship.c.general partnership. b.corporation.d.limited partnership. 2.Additional capital is most easily obtained if the form of ownership is a: a.general partnership.c.corporation. b.sole proprietorship.d.limited partnership. 3.Limited financial liability is the most important advantage of which form of ownership? a.general partnership.c.general partnership. b.corporation.d.all of these answers are correct. 4.A corporation in which employees.
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4.  What is the Small Business Administration (SBA)? How does it assist small companies, financially and in other specialized ways? 5.  Describe how local governments and business incubators help small firms get established and grow. 6.  Why are so many small-business owners attracted to franchising? Under what circumstances might it be better.
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11.The formal document that must be submitted to the state in order to form a corporation is known as: a.a corporate charter.c.a corporate merger. b.a business plan.d.corporate management. 12.The group who is elected by stockholders and who hires top management is called: a.the Board of Directors.c.supervisory management. b.middle management.d.not-for-profit management. 13.The owners of a corporation are.
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21. Which of the following is true of a franchisor? a. It is the small business person who purchases the franchise. b. It incurs no risk in the transaction. c. It guarantees profits to the purchaser. d. It usually stipulates the purchase of certain ingredients or equipment, pricing, and marketing efforts. 22. Which of the.
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Answers to Review Questions 1. Identify the three categories of entrepreneurs. How are they different from each other? How might an entrepreneur fall into more than one category? 2. People often become entrepreneurs because they want to be their own boss and be in control of most or all of the major.
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7.  What are the benefits and drawbacks to traditional corporate structure? How do S corporations and limited liability corporations enhance the corporate legal structure? 8.  Cooperatives appear frequently in agriculture. Describe another industry in which you think collective ownership would be beneficial, and explain why. .
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1.When two or more firms combine to form one company, we say that the firms have: a.been taken private.c.become a cooperative. b.merged.d.practiced divestiture. 2.When one firm purchases the property and assumes the liabilities of another firm, there has been a(n): a.vertical merger.c.acquisition. b.horizontal merger.d.divestiture. 3.If a sporting goods manufacturer combines with a firm that operates sporting.
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Going Green B Corporations Support Social and Environmental Goals What do companies like Numi Organic Tea, Ben & Jerry's, Method Soap, Patagonia, Etsy, Warby Parker and New Belgium Brewing have in common? All are certified B Corporations, and all must meet very high standards in how employees are treated, the company’s.
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Case 6.1 Glassybaby Sees the Light A simple business was born when a cancer patient by the name of Lee Rhodes was unexpectedly soothed by the reflective light of a simple candle.  At its Seattle, WA-based studio, Glassbaby produces hand-blown votive candles that require three layers of glass and 24-hours to make..
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1.When a group of wheat farmers collectively purchases a grain elevator, this is an example of: a.public ownership.c.private ownership. b.cooperative ownership.d.employee ownership. 2.If the city of Los Angeles owns a parking garage on Main Street, the garage is said to be: a.privately owned.c.cooperatively owned. b.publicly owned.d.collectively owned. 3.These types of firms result when private investors are.
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1.________________Franchising is a contractual business arrangement between a manufacturer or supplier and a dealer. 2. ________________A well-established franchise is cheaper to open than an independent small business. 3. ________________Franchisees often have little support offered to them by franchisors. 4. ________________Major advantages of franchises include a tested management system, name recognition, and a proven.
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21.Owners of a corporation due to their purchase of stock in the corporation are known as  ________________. 22.________________ is a contractual business agreement between a manufacturer or supplier and a dealer. 23.When two or more firms combine to make one company, a ________________ has occurred. 24.When firms at different levels in the production.
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1. What characterizes a small business? a. It is independently owned and operated and is not dominant in its field. b. It operates at a loss for many years until it is a large business. c. Small businesses grow slowly. d. Small businesses are sole proprietorships. 2. Most manufacturing businesses are considered small if they.
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3. How have globalization and information technology created new opportunities for entrepreneurs? Describe current demographic trends that suggest new goods and services for entrepreneurial businesses. 4. Identify the eight characteristics that are attributed to successful entrepreneurs. Which trait or traits do you believe are the most important for success? Why? Are.
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1.In regards to the Small Business Administration (SBA)’s financial assistance, what would you tell Kelly about loan options? Discuss loan qualifications, direct loans, and microloans in your response. 2.What elements should Kelly include in her business plan? 3.Kelly’s boutique will be established as a sole proprietorship. Provide one advantage and one disadvantage.
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11.  What percentage of small businesses survives the first five years of operations? a. 35 percent b. 40 percent c. 50 percent d. 60 percent 12.  A written document that provides a statement of a company’s goals, methods for achieving goals, and standards for measurement is called: a.a business plan.c.an incorporation document. b.a marketing plan.d.a financial blueprint. 13..
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Going Green Sungevity Follows the Sun Sungevity, a young California company and the fastest growing residential solar company in the U.S., makes home rooftop solar systems. The company has the vision that everyone should be able to afford to go solar. As an alternative to purchasing, the company also leases solar panels.
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1. ________________Most businesses in the United States are small businesses. 2. ________________The quickest and simplest form of business ownership to start is the sole proprietorship. 3. ________________The government usually offers small businesses the option of foregoing the paperwork required of larger businesses. 4. ________________Partnerships often prove difficult to form. 5. ________________In a partnership, the.
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1.________________ are companies that sell franchises to independent business people. 2.Under the company form known as a(n) ________________ the firm is governed under an operating agreement resembling a partnership, except that each partner’s liability for the actions of the other owners is limited. 3.A(n) ________________ occurs when one company buys the assets.
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1.The Small Business Administration defines a small business as: a.independently owned and managed. b.a firm that is not dominant in its industry. c.a firm that meets industry-specific size standards for income or number of employees. d.all of these answers are correct. 2.The federal government agency that is set up to work with small businesses is.
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Hit & Miss: 3D Printing Takes Off An overnight success which took nearly 30 years, Chuck Hull, dubbed the “father of 3-D printing,” started a Valencia, CA-based company called 3-D Systems. Hull’s company came to the rescue of troubled Detroit automobile manufacturers, faced with intense global competition, and desperate to shorten the.
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Case 6.2 Unreal Brands “Unjunks” Candy On Halloween five years ago, Nicky Bronner’s dad confiscated his candy for being too unhealthy. Irate and determined, young Bronner researched how to “unjunk” the same type of candy found in his Halloween loot.  The result is Unreal Brands. With 23 percent fewer calories, 45 percent.
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Case 5.3 The Mei Mei Group: A Family Affair in Boston Many consider family-owned businesses the backbone of American business. “Mei Mei” translates to “little sister” in Chinese, and its name aptly represents a family business of three siblings, Andy, Margaret (Mei), and Irene Li.  When Andy, the oldest sibling, formed the.
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1.One of the most common reasons for small business failure is the shortcomings of ________________. 2.First-time business owners often ________________ the funds their firms will generate from initial sales to allow for operations to continue. 3.Small business owners cite their struggle to comply with ________________ as one of the biggest challenges they.
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Hit & Miss: The Millionaire Rubber Band Man Vietnamese immigrant and former Nissan auto worker, Choon Ng, stumbled upon the idea for his company, Rainbow Loom, while making rubber band bracelets with his two daughters. Ng convinced his wife to let him borrow $10,000 from their daughters’ college savings to build a.
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1.One advantage of purchasing a franchise is: a.the purchaser is guaranteed success. b. it is usually a cheaper way to open a new business than starting from scratch. c.there is a great deal of operational independence for the franchisee. d.the franchisee gets a tested business model. 2.When managers or a group of stockholders buy up.
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Case 5.1 Ideeli Gives Members (and Suppliers) Daily Deals If you like to shop online and love a bargain, you may already be among the almost 6 million members of Ideeli.com, a flash-sale website. Every day at noon, Ideeli unveils over a dozen new, members-only sales of high-fashion clothing for men,.
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Case 5.3 The Mei Mei Group: A Family Affair in Boston Many consider family-owned businesses the backbone of American business. “Mei Mei” translates to “little sister” in Chinese, and its name aptly represents a family business of three siblings, Andy, Margaret (Mei), and Irene Li.  When Andy, the oldest sibling, formed the.
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