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 producing a custom-made product for that market. Chamber of commerce - answer_____ are private associations of local (or regional) business and professional people who are familiar with an area's needs Market research - answer_____ is the system of gathering, recording, classifying, analyzing, and interpreting data related to merchandising of goods and services. obsolete facilities - answerJane, who wants to start her own business, considers buying an Internet café which is up for sale in her neighborhood. However, Jane discovers that Internet connectivity tends to be erratic in the store since she lives in a remote town and decides against it. This is an example of problems due to old and _____. franchisee - answerBurger's Inc. owns a number of fast food stores across the country. Ryan, who wants to start his own business, decides to open a store unde