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What are some advantages of hiring employees?
A valuable second-in-command if you (the owner) are called away
New ideas may emerge when people from different backgrounds and personalities work together
Supply skills and qualities an entrepreneur may lack
Having other to share the work
This person is responsible for the success or failure of his or her business
Entrepreneur
Expenses that are not affected by the number of products a business sells are called
Fixed Expenses
FICA taxes are paid by
Both Employers and Employees
An employee's compensation includes
Wages and salaries
What may be a solution to help entrepreneurs balance the many roles of running a business
Hire employees
What is the most practical and legal way to evaluate job candidates?
Applications and Resumes
Expenses that change based on the quantity of goods a business sells in a given period of time are called
Variable Expenses
In an income statement, subtracting the cost of goods sold from the net sales provides the
Gross Profit
A cost of goods sold section is included in what kind of income statement
merchandising business income statement
Owner's Equity is calculated by
subtracting total liabilities from total assets
The one-time investment of starting a business is called
start-up investment
Venture capital is typically a source of which type of financing?
equity financing
The major source of debt financing is a(n)
Bank
The type of business that provides the greatest amount of entrepreneurial freedom is a(n)
business you start from scratch
Companies that sell to other companies are called
B2B
What a source for obtaining secondary data?
Government Statistics, Annual Business Reports, Chamber of Commerce.
Social, economic, and political factors that could impact your business are called
Business Environment
ALL primary research includes
is collected for a specific purpose
Psychographics refers to such things as
attitudes, opinions, beliefs, interests, personalities, lifestyles
The combination of products a business sells is called a
Product Mix
A group of specific promotional activities built around a particular theme or goal is called a
Promotional Campaign
Combining the price of several different items into one price is called
Bundling
A sale is closed when
the customer is satisfied and payment is made
A royalty fee is a(n)
ongoing payment based on a percentage of sales