Exam 4: The Development of the Global Economy

Jalessa wants to start a new business selling her handmade crafts and is looking for retail space for her new venture. A location has become available for her to rent, but the current landlord needs her to sign a lease in 10 days or else he will offer it to another client. Since she doesn't have time to properly prepare a full business plan to obtain funding, what should Jalessa do?

Which pillar for successful growth relates to providing a place for employees to grow and be innovative?

An arrangement in which a business owner allows others the right to use its name and sell its goods or services within a specific geographical area is known as a cooperative.

What form of entrepreneurship describes a self-employed person who leverages their knowledge, skills, and abilities to perform tasks, services, or functions for a customer?

Jan works as an accountant for a large organization. In her free time, she makes jewelry which she sells on Etsy and at local craft fairs. Which type of entrepreneurship does this represent?

The forms of company ownership are sole proprietorships, partnerships, corporations, and

One of the benefits of the sole proprietorship type of business ownership is that you

Dele has come up with an idea that will help soothe dogs that experience separation anxiety from their owners. He is in the process of turning his idea into a business reality. He has identified that there is a need for his product in the marketplace and that the market size could be quite substantial. What would be the next step for Dele in the entrepreneurship process?

Connor Schmidt is ready to launch his own business, a carpet cleaning service. He has heard that certain states offer tax incentives to businesses that locate in depressed economic areas. Schmidt decides that it is worth it to the future of his business to relocate to one of these areas, the industrial city of Elizabeth in the state of New Jersey. Schmidt's business partner questions his decision to move to Elizabeth just to take advantage of these tax incentives, but Schmidt is convinced his strategy will pay off. "It's a win-win situation," he said. "The State of New Jersey wants to stimulate economic activity, and we want to get a little help with our finances." Connor Schmidt is looking forward to taking advantage of the benefits of a(n)

What is one of the five reasons why small businesses fail?

Cuddles Pajama Company's owners are retiring. Their employees want to continue providing the world with comfy loungewear both today and far into the future, so they borrow money against the value of their homes in order to buy the company themselves and become its new owners. This is an example of a(n)

Right Start Printing is looking to secure new screen printers and embossing machines for three of its locations. The company wants to get quotes from several suppliers. If Right Start wants to know what equipment it will be getting and the cost, when the equipment will be received, and what training and support will be provided with the products, it should ask each supplier to provide

Elias Pua is interested in owning a fast-food franchise. He likes the idea of following someone else's already proven track record for success. On researching franchises further, however, Pua is disappointed to learn that to open a McDonald's or similar franchise, you must have around $750,000 in liquid assets. Another example of a drawback to owning a franchise is

As a small-business owner, treating your employees with respect is one way to

One of the key questions you should ask yourself once you've located a business you may want to buy is

Isabella Villalobos is excited about how well her first-time business, an arts-and-crafts supply store, is doing. Sales are booming, and her customers leave glowing reviews about the store on Yelp. In only six months, Villalobos has a loyal following of repeat customers, and her new art classes are a hit. But even though she is excited and proud, she is also worried. She recently saw her older brother Carlos's small business take a financial hit because he didn't file important paperwork on time and had to pay huge penalties. Plus, Carlos was sued by former employees for errors on their paychecks. "I'm not very good at keeping up with deadlines and forms," Villalobos thinks. "Will I end up making the same kinds of avoidable mistakes as my brother?" Of the following, which advice would you suggest to Villalobos to address this concern?

Many ________ businesses are one- or two-person operations, from online bloggers to a variety of professional services ranging from accountants to interior designers.

In the United States, parties to a business dispute may resolve their differences through arbitration or mediation, processes that involve accepting the judgment of neutral third parties. Many parties agree to mediation or arbitration because

Information about the product or service that your new business venture will provide goes in the ________ section of your business plan.

In a distributorship, the franchisee is given the right to manufacture and distribute a certain product, following a formula or using supplies purchased from the franchisor.