Vocabulary
The Friedman Doctrine, also known as the Shareholder Theory, provides insights on how to increase _______ ________.
Shareholders wealth
Personality traits of an entrepreneur
Ambitious, Independent
Self-Confident, Risk-takers
Visionary, Creative, Committed
Energetic, Passionate
An S corporation is generally set up to?
What reduces tax burdens
Intangible offerings like haircuts.
What are services?
The Pyramid of Corporate Social Responsibility includes four levels, what is level one
Economic responsibility
There must be a need to start a new ________?
Business
_______ are organizations formed by individuals or businesses with similar interests to achieve greater economies of scale and economic power through collective ownership.
What are Cooperatives
Executives form a code of ethics and leaders must lead by ______________
Example
Once you have a new product or service, you must conduct market __________?
Research
The study of the economy as a whole:
What is Macroeconomics?
A ______ is a hybrid organization that offers the same liability protection as a corporation, but may be taxed as either a partnership or a corporation.
What is an LLC
Many situations have no right or wrong answers. So before you chose an answer, ask yourself "How does my decision make me ______
Feel
A well written business plan can minimize _____?
Risk
Unemployment caused by declining demand for goods and services and the most dangerous types of unemployment
Cyclical
What business is easy to form for one business person?
What is a Sole Proprietorship?
The four inputs to an organization are:
1.Natural Resources
2.Labor (human resources)
3.Capital
4.Entrepreneurship
There are two main types of behaviors:
Illegal & Irresponsible
Irresponsible & ________
Legal
What if analysis includes best case scenario, expected scenario and _______ ________ scenario.
Worst case
The disadvantage of these two types of business forms are unlimited liabilities?
What are sole proprietorships and partnerships?