Exam 4: The Development of the Global Economy

Business law is composed of four major types of laws: statutory, common, ________, and international.

By analyzing the potential competition, an entrepreneur can minimize risk, refine strategies, and

Peyton Jackson works for GameStart, a game design company. He was playing with his pet cat Tiger when he had a brainstorm for a new video game for cats called Pounce. The owner's screen would display running mice, flying birds, and creeping insects that are often the targets of cats' curiosity. The cat would touch the screen with its paws to stop the creatures from running away, and it would get rewards, such as actual cat treats and catnip, for each point gained. Jackson approached the president of GameStart with the idea. At first, the president rejected Pounce, but when Jackson set up a demonstration, featuring Tiger playing the video game, the president was won over. With Jackson's help, GameStart launched Pounce later that year. Peyton Jackson could best be described as a(n)

Many entrepreneurs apply for loans of $500 to $35,000 from organizations such as the Women's Initiative for Self-Employment. These loans are known as

Steve Nowicki owns Food Monster, a grocery store chain. One of his employees threw away a banana peel but missed the trash can. As the employee was walking away, he heard a scream and a crash. A customer had slipped on the banana peel, suffering severe injuries to his knee and elbow. The injured customer decided to sue Food Monster. Although Nowicki's employee didn't mean for any of this to happen, the judge ruled that Food Monster had committed negligence, or an unintentional act that resulted in injury. This situation is an example of ________, or a civil wrongful act that resulted in injury to people or property.

Chief executive officers are business owners who see a new opportunity for a product or service and risk their time and money to start a business.

Entrepreneurs need to be self-confident and to believe they have personal control of their destinies. This is because they

When a privately-owned company becomes a publicly-owned company by issuing stock for sale to the public, it is known as going public.

In a pitch deck, the ________ slide shows how you plan on making money and provides a schedule of when you expect money to come in.

Which activity would be used inquantitative research and evaluation?

Asking yourself "Who are my customers and how will I market to them?" is one of the questions to ask in preparing a(n)

An entrepreneur launching a new business has multiple sources to choose from when it comes to financing. All of the following are good sources for funding a new enterpriseexcept

Bankruptcy is defined as the legal means of relief for debtors who are

Fernanda Miller owns a roofing business. Don Jay, the owner of Jay luxury hotels, hired her company to install Mediterranean-style clay tile roofs at several of his properties. After Miller's company completed the job, however, Jay claimed that the work was substandard and refused to pay her, even though he had agreed to do so in the contract they both signed. Miller took Jay to court, and the judge found in her favor, ruling that she is entitled to a monetary settlement. Jay's actions are an example of

Bankruptcy may be involuntary, which means creditors can seek to have their debtors declared bankrupt.

Kyle Yang is thinking of starting a small business. Ideally, he would like to start up the business relatively easily, have the expertise of different people to draw from, and keep his taxes fairly simple. Yang should choose the ________ type of business ownership.

The first step in the entrepreneurial process is to

Shruti Ramakrishnan noticed that in her native New York City, people are constantly standing in line, whether to purchase tickets, do transactions at an agency like the Department of Motor Vehicles, or wait their turn at an entertainment venue or eatery. She decided to found Waiters, a service where a person can order a "waiter" to stand in line for them. Ramakrishnan is currently testing her new business idea in three major cities: New York, San Francisco, and Chicago. Ramakrishnan can be classified as a(n)

What is one reason why small businesses are more likely to fail than big businesses?

La Cocina, a nonprofit organization, mentors low-income and immigrant women entrepreneurs. It helps them launch and develop their food-related businesses by offering them kitchen space and technical assistance. La Cocina is an example of a(n)