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FM 116 FASHION BUSINESS PRACTICES FINAL EXAM 2024 WITH COMPLETE SOLUTIONS!!
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FM 116 FASHION BUSINESS PRACTICES FINAL EXAM 2024 WITH COMPLETE SOLUTIONS!!
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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.
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