TN BUSINESS AND LAW EXAM ACTUAL
2025/2026 QUESTIONS AND 100% CORRECT
ANSWERS
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Terms in this set (267)
Success Factors in Your Business organized, consistent approach
Factors in Business Failure poor planning and inadequate management
Entrepreneur a person engaged in strategic activities that involve
initiation and development of a new business
Calculated Risk something that is well thought through where all
outcomes are considered
Rewards of Owning Your Own own boss, flexible time, freedom and
Business independence, personal satisfaction
Challenges of Owning Business long hours, manage cash flow, payroll,
overwhelming responsibility, finding/keeping
employees, taxes, government regulations
Business Plan a document that outlines business strategies and
goals
, Key Functions of a Business Plan planning tool, loan or investor document,
benchmarking tool
Element of a Business Plan cover page, executive summary, company
summary, products and services, market analysis,
market strategy, financial plan
What could be a pitfall to a business must portray an accurate picture of business
plan?
What are the different types of sole proprietorship, partnership, c corporation, s
business structures? corporation, limited liability company
Sole Proprietorship a business that has one individual as the owner who
is responsible for 100% of the decisions made on
behalf of the business and owns all of the business
assets
Advantages of a Sole Proprietorship minimal legal restrictions, simple ownership form,
low startup cost, sole owner of profits, freedom in
decision making
Disadvantages to a Sole unlimited liability, less available capital, possible
Proprietorship difficulty in obtaining long term financing,
dissolution of the business in even of owner death
Partnership a business relationship between two or more
persons who join to carry on a trade or business.
each person contributes money, property, labor, or
skill, and each partner expects to share in the
profits and losses of the business.
Two types of partnership general and limited
2025/2026 QUESTIONS AND 100% CORRECT
ANSWERS
Save
Terms in this set (267)
Success Factors in Your Business organized, consistent approach
Factors in Business Failure poor planning and inadequate management
Entrepreneur a person engaged in strategic activities that involve
initiation and development of a new business
Calculated Risk something that is well thought through where all
outcomes are considered
Rewards of Owning Your Own own boss, flexible time, freedom and
Business independence, personal satisfaction
Challenges of Owning Business long hours, manage cash flow, payroll,
overwhelming responsibility, finding/keeping
employees, taxes, government regulations
Business Plan a document that outlines business strategies and
goals
, Key Functions of a Business Plan planning tool, loan or investor document,
benchmarking tool
Element of a Business Plan cover page, executive summary, company
summary, products and services, market analysis,
market strategy, financial plan
What could be a pitfall to a business must portray an accurate picture of business
plan?
What are the different types of sole proprietorship, partnership, c corporation, s
business structures? corporation, limited liability company
Sole Proprietorship a business that has one individual as the owner who
is responsible for 100% of the decisions made on
behalf of the business and owns all of the business
assets
Advantages of a Sole Proprietorship minimal legal restrictions, simple ownership form,
low startup cost, sole owner of profits, freedom in
decision making
Disadvantages to a Sole unlimited liability, less available capital, possible
Proprietorship difficulty in obtaining long term financing,
dissolution of the business in even of owner death
Partnership a business relationship between two or more
persons who join to carry on a trade or business.
each person contributes money, property, labor, or
skill, and each partner expects to share in the
profits and losses of the business.
Two types of partnership general and limited
