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FSE 2202 FINAL REVIEW EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED
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FSE 2202 FINAL REVIEW EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED Business An organization that combines inputs of raw amterials, capital, labor and management skills to product useful outputs of goods and services to earn a profit Small business A business which is independentl...

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  • November 14, 2024
  • 21
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • fse 2202 final review exam questions and answers w

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FSE 2202 FINAL REVIEW EXAM QUESTIONS AND ANSWERS

WITH COMPLETE SOLUTIONS VERIFIED

Business

An organization that combines inputs of raw amterials, capital, labor and management

skills to product useful outputs of goods and services to earn a profit

Small business

A business which is independently owned and operated and is not dominant in its field

of operations

Entrepreneur

one who organizes, manages, and assumes the risk of a business firm or venture

venture capitalists

someone who invest funds in a new business without owning the business

business angels

private investors who are willing to supply financing for new and/or risky small business

firms in a community

Artisan Entrepreneur

an entrepreneur who primarily possesses technical knowledge, but has very little, if any,

business experience

Consumerism

an external cause of business failure

Consumerism

,the emphasis placed on providing to customers products and services that are safe,

reliable, and honestly advertised; also a social movement that seeks to strengthen the

rights of consumers relative to sellers

Drawbacks of Entrepreneurship

-you are responsible for the financial risk of the business

-you face emtotional strain from the business

-you may have to work long hours to start the business

external causes of business failure

-lack of owner finances

-consumerism

general types of business

-manufacturing

-merchandising

-services

articles of partnership

a written document that states explicitly the rights and duties of partners in a partnership

board of directors

the governing body that is elected by the stockholders of a corporation

corporate charter

the written application for permission to incorporate that is approved by state officials

partnership

a form of legal organization in which a business association made up of tow or more

persons is formed for the purpose for carrying on as co-owners

, sole proprietorship

a legal form of organization whereby the business is owned and operated by one

person

What is an advantage of sole proprietorship?

owner is free to manage the firm in the way they see fit

limited partner

those partners who can only lose the amount of money they invested in a partnership

corporation

a legal form of organization whereby a legal entity is authorized by a state to operate

What is a disadvantage of a sole proprietorship?

raising captial may be a hardship on the owner

What are disadvantages of a partnership?

-investments of both parties are frozen by a decision by either party

-control, duties, and profits are sometimes not evenly divided

-labor may not be divided equally between partners

what are disadvantages of a corporation?

-privacy in business operations and dealings

-double taxation

What are rewards of entrepreneurship?

-you receive all the profit

-independence in direction of business

-you can receive personal satisfaction from business

What are the characteristics of an entrepreneur?

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