ARM 2024 UPDATE COMPREHENSIVE QUESTIONS
AND VERIFIED CORRECT ANSWERS GRADE A+ GET
IT RIGHT
What is a sole proprietorship? - (correct answer) • Owned and operated by
one person
• Business license from the city
• Simple to setup, operate, and close
Advantables and Disadvantages of sole proprietorship - (correct answer)
Advantages:
* independence
* easy to setup and close
* taxed to owner
Disadvantages
* unlimited liability
* limited resources
* lack of continuity
What is a parternership? - (correct answer) Owned and operated by two or
more people
Types of partners:
- general partners: unlimited liability
- limited partners - liability limited to amount of investment
, Partnership Pros & Cons - (correct answer) Advantages
- pooled talent and resources
- easy to form
- taxed to owners
Disadvantages
- unlimited liability
- potential for managment conflict
- transfer of ownership issues
What is a corporation? - (correct answer) • Business entity separate from its
owners and managers
• Owners own stock (shares) in the corporation
• Generally larger than other forms
What are the steps of a presentation? - (correct answer) Open
Propose the Problem
Show the Solution (Demo)
Outline the Opportunity
State the Strategy (Customer Acquisition)
Present the Pivots
Tout the Team
Angle the Ask
Close
AND VERIFIED CORRECT ANSWERS GRADE A+ GET
IT RIGHT
What is a sole proprietorship? - (correct answer) • Owned and operated by
one person
• Business license from the city
• Simple to setup, operate, and close
Advantables and Disadvantages of sole proprietorship - (correct answer)
Advantages:
* independence
* easy to setup and close
* taxed to owner
Disadvantages
* unlimited liability
* limited resources
* lack of continuity
What is a parternership? - (correct answer) Owned and operated by two or
more people
Types of partners:
- general partners: unlimited liability
- limited partners - liability limited to amount of investment
, Partnership Pros & Cons - (correct answer) Advantages
- pooled talent and resources
- easy to form
- taxed to owners
Disadvantages
- unlimited liability
- potential for managment conflict
- transfer of ownership issues
What is a corporation? - (correct answer) • Business entity separate from its
owners and managers
• Owners own stock (shares) in the corporation
• Generally larger than other forms
What are the steps of a presentation? - (correct answer) Open
Propose the Problem
Show the Solution (Demo)
Outline the Opportunity
State the Strategy (Customer Acquisition)
Present the Pivots
Tout the Team
Angle the Ask
Close