What is Business?
What is Business?
This sets the standard for what is morally right and wrong.
Ethics
Kelly would like to invest in a company but not be liable for the debts or any other problems of the corporation beyond the money they invest. What type of liability does Kelly want?
Limited Liability
This document records everything a business wants to do, how it will do it, and why.
Business Plan
Things that affect a business from inside the business are this.
Internal factors
Which of the following is a risk? (Select all that apply)
a. Trying a new deodorant for the first time.
b. Going to a new barber.
c. Investing into a startup company
d. Drinking water
a. Trying a new deodorant for the first time.
b. Going to a new barber.
c. Investing into a startup company
According to the concept of Social Responsibility, a business should be concerned about what/who?
society as a whole
You are a business owner and when it’s time to pay taxes you are informed that you may elect to use pass-through taxation. Which business structure do you have?
Sole Proprietorship
Partnership
S Corporation
David is just opened a car wash that offers $4.00 car washes. What is David's product?
Car Washes
Demographics are a factor of what business environment?
Social
Which of the following is not a Factor of Production
a. knowing how to garden
b. opening up a flower shop
c. a friend who looks at flowers
d. water used for watering plants
c. a friend who looks at flowers
What are the two categories of ethical code?
compliance based and integrity based
Some business owners decide to start corporations because of its perpetual life. This means that it…
Lifes forever
Which of the following is not a section of the business plan.
a. Overview
b. Operations
c. Elevator Pitch
d. Problem & Solution
Elevator Pitch
This analysis is a framework used to evaluate a company's competitive position and to develop strategic planning.
SWOT analysis
This is money a business earns above and beyond what it pays out for salaries and other expenses.
Profit
A balanced decision must be true of all these things
legal
ethical
make you feel good
You decide you would like to enter into a franchise agreement with the owner of McDonalds and start one yourself. In this scenario which is the franchisor?
Owner of McDonalds
Which business plan section focuses on who will be assisting you and providing mentorship with your business
Advisor(s)
What is the difference between political and legal factors?
Legal factors: direct impact
Political factors: indirect impact
This is a person who risks time and money to start and manage a business
entrepreneur
Name one dimension of Social Responsibility.
Responsibility to:
Customers
Others
Employees
Society
Name two differences between an LLC and an S - Corporation.
LLC: can have an unlimited number of members, Non-U.S Citizens can be memebers, more simple to set up, owners = members
C-Corop: only have up to 100 stockholders, Non-U.S Citizens cannot be part, more complex to set up, owners=share/stockholders
Every services is a product. True or False.
TRUE
Name all of the business environments
PESTLE