BSAD 180- Exam 2 Question and
answers already passed
Sole Proprietorship - correct answer Single owner who manages the
company
Advantages of Sole Proprietorship - correct answer Tax advantages, Low
cost startup, Business control,
Disadvantages of Sole Proprietorship - correct answer Unlimited liability,
limited financial resources, work-life balance
Partnership - correct answer Voluntary agreement between two or more co-
owners of a business for profit.
Types of Partnership - correct answer general, limited, limited liability
Advantages of a partnership - correct answer Ease of start-up, Personal
interest, Combined business skills and knowledge, tax advantages
Disadvantages of a partnership - correct answer Unlimited liability,
Management disagreements
Corporation - correct answer Business is considered a legal entity that is
separate and distinct from its owners.
Advantages of a corporation - correct answer Limited liability
Separation of ownership and management
, Transfer of ownership is easy
Disadvantages of a corporation - correct answer additional taxes and more
paperwork
Franchise - correct answer The right to sell a good or service within an
exclusive market
Reasons to start your own business - correct answer Financial,
Independence, Flexibility, Challange, Survival
Characteristics of Entrepreneurs - correct answer Visionary, self-reliance,
energy and confidence, Tolerance of uncertainty and failure
Funding Options - correct answer Personal resources, loans, crowd sourcing,
angel investors, venture capital firms
Different ways to start a business - correct answer From scratch, buying an
established business, buying a franchise
Tools for successful business - correct answer Gaining experience, learning
from others, small business administration, service corps of retired executives,
developing business plan
What are some reasons for companies to participate in international trade? -
correct answer Cheaper labor, harder workers, consumption from multiple
countries, new ideas from other cultures
Different types of competitive advantage - correct answer Absolute
advantage- make more
answers already passed
Sole Proprietorship - correct answer Single owner who manages the
company
Advantages of Sole Proprietorship - correct answer Tax advantages, Low
cost startup, Business control,
Disadvantages of Sole Proprietorship - correct answer Unlimited liability,
limited financial resources, work-life balance
Partnership - correct answer Voluntary agreement between two or more co-
owners of a business for profit.
Types of Partnership - correct answer general, limited, limited liability
Advantages of a partnership - correct answer Ease of start-up, Personal
interest, Combined business skills and knowledge, tax advantages
Disadvantages of a partnership - correct answer Unlimited liability,
Management disagreements
Corporation - correct answer Business is considered a legal entity that is
separate and distinct from its owners.
Advantages of a corporation - correct answer Limited liability
Separation of ownership and management
, Transfer of ownership is easy
Disadvantages of a corporation - correct answer additional taxes and more
paperwork
Franchise - correct answer The right to sell a good or service within an
exclusive market
Reasons to start your own business - correct answer Financial,
Independence, Flexibility, Challange, Survival
Characteristics of Entrepreneurs - correct answer Visionary, self-reliance,
energy and confidence, Tolerance of uncertainty and failure
Funding Options - correct answer Personal resources, loans, crowd sourcing,
angel investors, venture capital firms
Different ways to start a business - correct answer From scratch, buying an
established business, buying a franchise
Tools for successful business - correct answer Gaining experience, learning
from others, small business administration, service corps of retired executives,
developing business plan
What are some reasons for companies to participate in international trade? -
correct answer Cheaper labor, harder workers, consumption from multiple
countries, new ideas from other cultures
Different types of competitive advantage - correct answer Absolute
advantage- make more
