Exam (elaborations)
RSM 100 – EXAM QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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RSM 100 – EXAM QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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RSM 100 – EXAM QUESTIONS ANDANSWERS WITH SOLUTIONS 2024
WhatMareMProfessorMKhansM3MP'sMofMSuccess?M-MANSWERMPlanning,MPreparation,MPerseverance
WhatMisMWealth?M-MANSWERMTheMannualMproduceMofMtheMlandMandMlabourMofMsociety
WhatMisMWealthMcreation?M-
MANSWERMCombiningMmaterials,Mideas,Mlabour,MtechnologyMsoMthatMtheMoutputMcanMbeMsoldMforMmoreMt
hanMcosts.MThisMprofitMbringsMwealthMtoMtheMpeopleMandMsocietyMinvolvedMinMproduction
WhatMareMtheMfourMstagesMofMtheMDiamondMofMSustainableMGrowth?M-
MANSWERMVibrantMEntrepreneurship,MSophisticatedMManagerialMCapabilities,MEnablingMPoliticalMSystems,
MEffectiveMFinancialMSystems
WhatMareMtheMresourceMendowmentsMinMtheMDiamondMofMSustainableMgrowth?M-
MANSWERMNatural,MTechnological,MHuman
WhatMisMrequiredMtoMcreateMwealth?M-
MANSWERMTheMinterdependenceMofMbusinessMandMsocietyMandMtheMdiamondM(VibrantMEntrepreneurship,
MSophisticatedMManagerialMCapabilities,MEnablingMPoliticalMSystems,MEffectiveMFinancialMSystems)
HowMisMwealthMcreated?M-
MANSWERMDevelopMaMproductMorMserviceMthatMyouMcanMsellMforMmoreMthanMitMcost,MTradeMwithMeconomi
esMthatMwillMpayMforMwhatMyouMhaveMandMsellMyouMwhatMyouMwant
WhatMisMaMSoleMproprietorship?M-
MANSWERMAMbusinessMownershipMinMwhichMtheMsoleMproprietor'sMstatusMasManMindividualMisMnotMlegallyM
separateMfromMhisMorMherMstatusMasMaMbusinessMowner
WhatMareMtheMbenefitsMandMproblemsMofMSoleMProprietorships?M-MANSWERM-
MSoleMproprietorshipsMareMeasyMtoMsetMupM(andMdissolve),MandMofferMgreatMoperatingMflexibility,MbutMtheM
ownerMisMpersonallyMliableMforMallMofMtheMfirm'sMdebtsMandMlegalMresponsibilities.M(theMownerMmustMhan
dleMaMwideMrangeMofMmanagementMandMoperationalMtasks)M-
MTheMownerMalsoMhasMtheMrightMtoMallMprofitsMafterMpayingMbusiness-relatedMbillsMandMtaxes.
,WhatMisMaMPartnership?M-
MANSWERMAnMassociationMofMtwoMorMmoreMpersonsMwhoMoperateMaMbusinessMasMco-
ownersMbyMvoluntaryMlegalMagreement
WhatMareMtheMbenefitsMandMproblemsMofMPartnerships?M-MANSWERM-
MPartnershipsMareMrelativelyMeasyMtoMsetMup,MbutMtheyMdoMnotMprotectMeitherMpartnerMfromMliability.
-
MPartnershipsMrequireMsharedMworkloadMandMdecisionMmaking,MwhereasMsoleMproprietorshipsMareMentire
lyMtheMresponsibilityMofMoneMbusinessMowner.
-MBusinessesMthatMareMbasedMonMpartnershipsMalsoMriskMhavingMpersonalMconflicts.
WhatMisMaMCorporation?M-
MANSWERMAMlegalMorganizationMwithMassetsMandMliabilitiesMseparateMfromMtheMassetsMandMliabilitiesMofMit
sMowners
WhatMareMtheMbenefitsMandMproblemsMofMCorporations?M-MANSWERM-
MInvestorsMreceiveMsharesMofMstockMinMtheMfirm,MandMownersMhaveMnoMlegalMandMfinancialMliabilityMbeyo
ndMtheirMindividualMinvestments.
-MAdvantages:MmoreMfundingMDisadvantages:MdoubleMtaxationM-MprovincialMandMfederal
WhatMisMaMNot-For-ProfitMCorporation?M-
MANSWERMOrganizationsMwhoseMgoalsMdoMnotMincludeMpursuingMaMprofit
WhatMareMtheMbenefitsMandMproblemsMofMNot-For-ProfitMCorporations?M-MANSWERM-
MGovernmentsMhaveMseparateMlegalMprovisionsMforMorganizationalMstructuresMandMoperationsMofMnot-for-
profitMcorporations.MTheyMareMalsoMexemptMfromMpayingMincomeMtaxes.
-MTheMlegalMstructureMofMaMnot-for-
profitMcorporationMrequiresMthatMitsMgoalsMdoMnotMincludeMearningMaMprofit.
WhatMisMFranchising?M-MANSWERMAMcontract-
basedMbusinessMarrangementMbetweenMaMmanufacturerMorMotherMsupplier,MandMaMdealer,MtoMproduceMa
ndMmarketMtheMsupplier'sMgoodMorMservice.MEx:MSubway,MTimMHortons
,FranchisingMStatistics:M-
MANSWERM•MCanadaMhasM76,000MindividualMfranchiseMbusinessesMoperatingMunderM900MdifferentMbrandM
names
•MTheseMfranchisesMemployMmoreMthanMoneMmillionMCanadians
•MMoreMthanM$100MbillionMinMsalesMeachMyear
WhatMareMtheMbenefitsMofMFranchising?M-MANSWERM-
MBenefitsMtoMtheMfranchiseeMincludeMnameMrecognition,MquickMStartup,MsupportMfromMtheMfranchisor,Man
dMtheMfreedomMofMsmall-businessMownership.
-MBenefitsMtoMtheMfranchisorMincludeMopportunitiesMforMexpansionMandMgreaterMprofits.
WhatMareMtheMnegativesMofMFranchising?M-MANSWERM-
MTheMfranchiseeMhasMmanyMcashMexpenses:MtheMinitialMinvestment,MfranchiseMfees,Msupplies,Mmaintenan
ce,Mleases,MandMsoMon.
-MTheMfranchisorMmustMtrustMtheMfranchiseeMwithMtheMcompanyMnameMandMimage
WhatMareMshareholders?M-
MANSWERMShareholdersMareMpeopleMwhoMacquireMsharesMinMexchangeMforMownership.MTheyMcanMacquire
MpreferredMorMcommonMshares.
WhatMareMPreferredMShares?M-
MANSWERMSharesMthatMgiveMownersMlimitedMvotingMrightsMandMtheMrightMtoMreceiveMdividendsMorMassets
MbeforeMownersMofMcommonMshares.
WhatMareMCommonMShares?M-
MANSWERMSharesMthatMgiveMownersMvotingMrightsMbutMonlyMresidualMclaimsMtoMtheMfirm'sMassetsMandMin
comeMdistributions.
WhatMareMtheMBoardMofMDirectors?M-MANSWERMElectedMbyMshareholdersMtoMoverseeMcorporation
WhatMdoMCorporateMOfficersM&MManagersMdo?M-
MANSWERMMakeMmajorMcorporateMdecisionsMandMhandleMongoingMoperations
, WhatMisMseedMCapital?M-MANSWERMTheMinitialMfundingMneededMtoMlaunchMaMnewMventure.
Ex:MpersonalMsavings,MbankMloans,MloansMfromMcloseMacquaintances
WhatMareMsomeMexamplesMofMDebtMFinancing?M-
MANSWERMCreditMcards,MFamilyMandMfriends,MBankMloans,MFinanceMcompanies
WhatMareMsomeMexamplesMofMEquityMFinancing?M-MANSWERMVentureMCapitalistsMandMAngelMInvestors
WhatMdoesMentrepreneurshipMmean?M-MANSWERM-
MWorkingMforMoneself,MratherMthanMforMsomeoneMelseM(forMaMsalary)
-
MEnteringMaMnewMmarketMwithMnewMorMexistingMproducts/Mservices;MorManMexistingMmarketMwithMnewMpr
oducts/Mservices
-MOperatingMaMfirmMinMwhichMthereMisMnoMseparationMbetweenMowner/Mmanager
-MTheMprocessMofMdiscovering,MevaluatingM&MexploitingMopportunities
-MCreatingMnewMorganizationsMofManyMtypeM-Mnot-for-profitsMasMwellMasMbusinessesM-
M"socialMentrepreneurs"
WhatMareMsomeMCharacteristicsMofMEntrepreneurs?M-
MANSWERMVision,MHighMEnergyMLevel,MNeedMtoMAchieve,MSelf-
ConfidenceMandMOptimism,MToleranceMforMFailure,MCreativity,MToleranceMforMAmbiguityMandMInternalMLoc
usMofMControl
WhyMdoMpeopleMbecomeMentrepreneurs?M-
MANSWERMDesireMtoMBeMOne'sMownMBoss,MDesireMtoMsucceedMFinancially,MDesireMforMJobMSecurity,MDesir
eMforManMimprovedMQualityMofMLife
WhatMisMchapterM11Mbankruptcy?M-
MANSWERMChapterM11MisMaMformMofMbankruptcyMthatMinvolvesMaMreorganizationMofMaMdebtor'sMbusinessM
affairs,Mdebts,MandMassets,MandMforMthatMreasonMisMknownMasM"reorganization"Mbankruptcy.
WhatMisMaMbusinessMplan?M-
MANSWERMWrittenMdocumentationMthatMprovidesMorderlyMstatementMofMgoals,Mmethods,MandMpurpose
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