Exam (elaborations)
FM 116 FASHION BUSINESS PRACTICES FINAL EXAM 2024 WITH COMPLETE SOLUTIONS!!
- Module
- Institution
FM 116 FASHION BUSINESS PRACTICES FINAL EXAM 2024 WITH COMPLETE SOLUTIONS!!
[Show more]
Seller
Follow
EvaTee
Reviews received
Content preview
FM 116 FASHION BUSINESS PRACTICES FINAL EXAM 2024 WITH COMPLETE SOLUTIONS!!FM 116
Evatee 7/29/24 FM 116 FASHION BUSINESS FM 116 FASHION BUSINESS PRACTICES FINAL
EXAM 2024 WITH COMPLETE SOLUTIONS!!
4 Attributes to Success Answer - 1. A good work ethic
2. A positive attitude 3. Effective communication skills
4. Good interpersonal relationship skills
4 Activities to Success Answer - 1. Mentor
2. Networking
3. Internships
4. Excel proficiency
Business Answer - organization/activity that provides goods/services in effort to earn profit
Factors of Production Answer - 1. Natural resources- value in natural state 2. Capital- synthetic resources (not money)
3. Human Resources- physical, intellectual and creative contribution 4. Entrepreneurship- risk-takers
Sole Proprietorship Answer - A business that legally has no separate existence from its owner. It is the simplest business form under which one can operate a business. It is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts.
Corporation Answer - Company or group of people authorized to act as a single
entity (legally a person) & recognized as such in law.
Partnership Answer - a business or firm owned and run by two or more partners.
Advantage/Disadvantages of a Sole Proprietorship Answer - Advantages: small, independent business: you own it, you're your own boss, you control the business, less taxes and paperwork Disadvantages: you are personally liable for your business, if the business fails, your personal assets can be seized
Advantage/Disadvantages of a Corporation Answer - Advantages: no personal financial responsibility, you are not personally liable for the business, your assets cannot be taken away
Disadvantages: higher taxes, taxed twice for both the business and yourself, a lot of paperwork, long process, send in sales tax every 3 months, more oversight
General Partner Answer - has unlimited liability and is liable for his portion of all partnership debts. A general member is also a managing member or one of the members who is actively responsible for the partnership's management.
Limited Partner Answer - a partner in a company or venture who receives limited profits from the business and whose liability toward its debts is legally limited to the extent of his or her investment.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller EvaTee. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £12.38. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73091 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now