TN Business and Law Exam | Questions & 100% Correct Answers (Verified) | Latest Update | GradeA+

Success Factors in Your Business Correct Answer: organized, consistent approach Factors in Business Failure Correct Answer: poor planning and inadequate management Entrepreneur Correct Answer: a person engaged in strategic activities that involve initiation and development of a new business Calculated Risk Correct Answer: something that is well thought through where all outcomes are considered Rewards of Owning Your Own Business Correct Answer: own boss, flexible time, freedom and independence, personal satisfaction 2 Challenges of Owning Business Correct Answer: long hours, manage cash flow, payroll, overwhelming responsibility, finding/keeping employees, taxes, government regulations Business Plan Correct Answer: a document that outlines business strategies and goals Key Functions of a Business Plan Correct Answer: planning tool, loan or investor document, benchmarking tool Element of a Business Plan Correct Answer: cover page, executive summary, company summary, products and services, market analysis, market strategy, financial plan What could be a pitfall to a business plan? Correct Answer: must portray an accurate picture of business What are the different types of business structures? Correct Answer: sole proprietorship, partnership, c corporation, s corporation, limited liability company Sole Proprietorship 3 Correct Answer: 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