Intro to Business Unit 3

What is one advantage of a small business that a corporation or larger business does not have?

It is a group of people that have the responsibility to guide the operations of a corporation.

No legal document needs to be made if a partnership is formed. A verbal agreement will work just fine.

Consumers usually deal directly with whom?

List two of the five main job responsibilities that a manager has to do in order to run a business that will be successful.

Iris Gains recently lost her husband to a tragedy. She has no skills as a worker because she stayed at home while her husband worked. Now that she has no money, she has started to look for a job. Iris got a job at Dell computer to make the sure the machinery was putting the keyboards together correctly. Iris's job is what type of business?

Which of the following reasons would not be a common reason that a small business would go out of business?

The vision and mission statements in the business plan state the guiding principles by which a business functions.

This type of business ownership is the most difficult to start.

This type of business is where the owner is liable for all debts, even losing personal property if business fails.

This type of business ownership is where the owners do not necessary hacve control of the decisions made by that company for that day.

This type of business ownership that the owner makes all of the decisions and is the boss.

This type of business ownership that if one of the owner's die then the ownership ends.

Before I open my Quik Trip at Mason and 40, I need to make sure that my product will have the potential to succeed. What should I do before I invest any money into my company?

Shopping is more eficient and easy because all communication is though the internet.

The company description section of a business plan helps investors understand what?

The farmers in Hawaii grow lots of sugar cane because it is one of the country' biggest exports. Unfortunately you cannot sell the sugar cane by itself because it looks like a big bamboo stick; it has to go through a machine to actually get it to look like sugar. What is this business called when the product has to go through a machine?

The largest percentage of small businesses are found in both retailing and services.

Pop Fisher works for the new AT&T. It is his job to come up with a new promotion that will entice people to switch carriers. His competition, Sprint wireless, has commercials where everyone laughs afterwords because they are so funny. Pop's boss has told him that he needed to create something that will keep the customers at AT&T and have new people switch their plans to them. What department is Pop working in?

A business creates this chart to show the relationships in a company. What is this chart called?

A franchise can be operated by which of the following type(s) of ownership.

What is a dividend?

What is the biggest obstacle to start a company?

Max Mercy recently got a job at a local newspaper and it is his job to pay the company bills, prepare financial reports, maintain, and check the financial records. What department would Max be in?

A business plan is used by whom?

Who is responsible that everything in a store gets done properly?

Most businesses start out with what type of ownership?

Which of the following is not a reward of being an entrepreuner?

Bump Bailey and John Oslen could not find a job in baseball, so they took advantage of the only job opportunity they could get. This job paid very well but it was very dangerous. The job that they took was to mine for gold and other precious metals. What type of business did Bump and John get into?

The person(s) who is on top of the organizational chart at Christian Brothers College High School in ST. Louis, MO.

There are twenty (20) essential parts of a business plan.

An owner in a partnership can only lose the money that they invest into the business.

Which of the following characteristics usually does NOT go along with a small business?

A Business that buys product from one Company and sells it to another Company is called what type of business? (Hint: This type of Business does not sell to consumers.)

A vision statement is what?

When a corporation is started a written permission from the state in which it is located is called what?

In class we talked about the differences in starting a franchise such as QT or starting a small business such as Hingle's Gas. Some of the advantages were that the headquarters for QT sets a price for all wholesalers (places they get food), gas prices, everyone is familiar with the name, financial backing of the headquarters. Name two disadvantages of owning a franchise, like I would be doing if I started a QT.

When Mr. Hingle opens up his QT with a drive-thru in it, he has to run the day to day operations as well as all of the accounting and finance things that go along with it. He decides that he does not know his accounting principles as well as he should so he is afraid of being audited by the government. What should Mr. Hingle do to strength his management team especially in the accounting department?

When Mr. Hingle opens up his QT, the main things that he will sell will be gasoline, snacks, and soda. What type of business will Mr. Hingle have?

The excutive summary of the business plan should be no more than two pages and should include the most important information from each section of the plan.

Processed goods include all of the following except which one?

All of the following are recommended traits for a career in entrepreneurship except one, which one is it?

A written description of a business venture that describes all aspects of the business is called?

What movie did we watch in class that showed the board of directors and the stockholders making a decision about a company's future?

Red Blow plays an important role at his job because he has to notice if financial records have been different than they were predicted and report that to management ASAP. He also has to analyze financial statements to make future decisions. What type of job does Red have?

Which of the following things is NOT included in the articles of partnership when a partnership is formed?

A business in the partnership form can be divided 50/50 as long as it is family members who make up the partnership.

An owner in a corporation can lose only the money that they put into the business.

Owners of a corporation have to buy what from the corporation?