Small Business Management Final Exam With Complete Solutions

Small Business Management Final Exam With Complete Solutions independent; local - answerIn order for a business to be classified as small, its management is _____ and the area of operation is primarily _____ self-employment - answerA major reason for the increased interest in small businesses is there is a growing trend toward _____ new ideas; services - answerOne of the contributions of small businesses is that they are sources of _____ or _____ that larger businesses may be unable to provide interference - answerA new small business owner's primary motive is usually independence, that is, freedom from _____ or control by superiors Owners - answerThe first stage of the typical growth pattern that small businesses tend to follow is that _____ manage the business and do all the work. proprietorship - answerSmall business owners prefer a _____ over other forms of business because it provides relative freedom of action and control. two people - answerA partnership is a form of business that is owned by _____ who share ownership of a single business Partnership - answerA disadvantage of a _____ is that each partner is responsible for the acts of every other partner. Uniform Partnership Act (UPA) - answerThe purpose of the _____ is to govern partnerships in the absence of other expressed agreements C Corporation - answerA _____ provides the protection of limited liability for shareholders, but its earnings are taxed at both the corporate and shareholder levels. articles of incorporation - answerThe purpose of _____ is that they are the instruments by which a corporation is formed. Stockholders - answerThe work carried out by the board members in a corporation is that they represent the _____ in managing the company. Limited-liability company - answer_____ is the form of business combines the advantages of a corporation with the benefits of a partnership family limited partnership - answerIn a _____, the majority of the partners are related to each other as spouses, parents, grandparents, siblings, cousins, nieces, or nephews. Copreneurs - answer_____ refer to family-owned businesses run by husband-and-wife teams Statutory law - answer_____ is a body of laws passed by federal, state, and local governments Uniform Commercial Code - answerThe _____ is a set of uniform model statutes to govern business and commercial transactions. bankruptcy law - answerUnder the _____, people or businesses can petition the courts to be relieved of the obligation to pay debts they cannot repay loans - answerThe function of the Small Business Administration is to provide direct and guaranteed _____ to small businesses. Social responsibility - answer_____ is a business's obligation to set policies, make decisions, and follow actions that are desirable in terms of a society's values and objectives Niche marketing - answer_____ is the process of finding a small—but profitable—demand for something and