Fill in the Blank
The key objective of a small business owner is to generate_________________.
WHAT IS Profits
___________the initial phase of the business life cycle, where an idea transforms into a tangible business entity.
WHAT IS start up stage
To use materials that have a copyright or a trademark, one must get permission. Which two things are they required to do before legally using the material?
a. sign a licensing agreement?
b. sign a trade agreement
c. become the copyright or trademark owner.
d. pay a licensing fee
WHAT IS sign a licensing agreement
__________the study of the economy as a whole, including topics such as inflation, unemployment, and economic growth
WHAT IS Macroeconomics
Ashley sells cars. She has 26,000 in cash, 34,000 in inventory, a 4,600 credit card balance, and 7,900 in long term debt. What is Ashley equity?
WHAT IS 47,500
The owner may decide to sell their ownership in the company the __________ stage.
WHAT IS maturity
Best for international business even with being double-taxed
WHAT IS C Corporation
Sarah works at an auto shop. She repairs and maintains cars, abides by guidelines and company policies and has hourly wage. What is her role?
A. Chief Operating Officer (COO)
B. Employee
C. Stakeholder
D. Chief Financial Officer (CFO)
____________An economic system in which the government controls a country's economy.
WHAT IS Command Economy
When must real estate loans through the small business administration be paid back?
A. 20 years
B. 15 Years
C. 10 Years
D. 25 Years
WHAT IS 25 years
_______ are for profit corporation with limited liability.
WHAT IS LLC
Ideal for a single owner seeking low risk
WHAT IS S Corporation
Joey has opened a restaurant. He paid a large amount of money up front to get the business started. He only sells products that are licensed by someone else. What type of business opportunity is Joey a part of?
a. franchise
b. licensing
c. dealership
d. network marketing
WHAT IS Franchise
__________Any resources created by nature. This can be arable land, mineral deposits, oil and gas reserves, or water.
WHAT IS Land or Natural Resources?
When must equipment and inventory loans through the small business administration be paid back?
WHAT IS 10 years
When_________ purchases an item from an item from a business, it is a business to consumer transaction.
WHAT IS consumer
Michael owns a small but profitable tech company. He has been approached by a larger company that wants to purchase his business. In which business life cycle stage is Michael?
WHAT IS take off stage
Has no ownership and pays no US federal taxes_________
WHAT IS Non Profit
__________The value of what was given up. (most desirable alternative given up when you make a choice.)
WHAT IS Opportunity Cost
Sherry sells purses. What is Sherry's ROI?
A. Production cost: 17.20 per purse
B. Selling Price: 30 per purse
WHAT IS 74%
Businesses can compensate employees for work they produce when being paid by the_________.
WHAT IS piece rate
Stephanie started a new flower shop last year. She has a good customer base and money coming in. In which
business life cycle stage is Stephanie?
WHAT IS survival
What must happen before someone can use someone else's patent?
a. they must get written approval from the owner of the patent
b. they must get sign a confidentiality agreement or non-disclosure agreement (NDA)
c. They must apply for permission to use the patent through legal channels
D. they must obtain ownership of the patent.
WHAT IS they must obtain ownership of the patent.
________Scare resources imply that individuals, firms, and governments are constantly faced with difficult choices that involve benefits and costs. (ALL the alternatives that we give up when we make a choice)
WHAT IS Trade offs
Jane owns a dress making business. Her income last quarter was 8,000, her cost of goods was 1,500 and her total expenses were 3,000. What were Jane's net income?
WHAT IS 3,500