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BUSI 1301 - Final Exam Study Guide.

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BUSI 1301 - Final Exam Study Guide. Business - CORRECT ANSWER What is an entity that seeks to earn a profit by providing a good or service? Economics - CORRECT ANSWER The study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals. Importing vs. Exporting - CORRECT ANSWER Exporting - Selling products to another country Importing - Buying products from another country Ethics - CORRECT ANSWER Standards of moral behavior; that is behavior accepted by society as right versus wrong Is it legal? - CORRECT ANSWER The first and most basic step when facing an ethical dilemma is to ask? Limited Partner vs. General Partner - CORRECT ANSWER Limited Partner - Owner who invests money in the business but does not have any management responsibility for losses beyond the investment General Partner - Unlimited liability and active in the firm Sole Proprietorship - CORRECT ANSWER Advantages - Ease of starting and ending the business, being your own boss, pride of ownership, leaving a legacy, retention of company profits, and no special taxes Disadvantages - Unlimited liability, limited financial resources, management difficulties, overw

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BUSI 1301 - Final Exam Study Guide.
Business - CORRECT ANSWER What is an entity that seeks to earn a profit by providing a good or
service?



Economics - CORRECT ANSWER The study of how society chooses to employ resources to produce goods
and services and distribute them for consumption among various competing groups and individuals.



Importing vs. Exporting - CORRECT ANSWER Exporting - Selling products to another country



Importing - Buying products from another country



Ethics - CORRECT ANSWER Standards of moral behavior; that is behavior accepted by society as right
versus wrong



Is it legal? - CORRECT ANSWER The first and most basic step when facing an ethical dilemma is to ask?



Limited Partner vs. General Partner - CORRECT ANSWER Limited Partner - Owner who invests money in
the business but does not have any management responsibility for losses beyond the investment



General Partner - Unlimited liability and active in the firm



Sole Proprietorship - CORRECT ANSWER Advantages - Ease of starting and ending the business, being
your own boss, pride of ownership, leaving a legacy, retention of company profits, and no special taxes

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