Question 1

Why is the experience and professional background of managers so important to the operation of a business?

Accepted Answer

The professional background of the management is vital to the success of any business.Experienced managers can draw from life experiences as well as their education in making informed decisions about the future of their business.Experienced and seasoned managers know how to: plan for success; foresee possible obstacles; make adjustments as necessar y and keep their team motivated.Inexperienced managers might be reactive to situations instead of pro-active to the same situa- tion, which could lead to mistrust in their ability to manage and lead.

Question 2

List some of the differences between sole proprietorship, partner- ship, LLC, C corporation, and S corporation.

Accepted Answer

See the Key Terms definitions in the following section.

Question 3

What does one have to do to become a corporation in the state where it will conduct business?

Accepted Answer

Normal procedure would be to fill out the appropriate paperwork with the secretar y of state where you wish to conduct business.

Question 4

Discuss how a new business owner can do some basic market research.

Accepted Answer

The answer of Discuss how a new business owner can...

Question 5

Which business structure is best for a restaurant?

Accepted Answer

The answer of Which business structure is best for a...

Question 6

There are several business structures that can be formed.Describe each of the following:

Accepted Answer

The answer of There are several business structures that can...

Question 7

Who are the two major audiences for a business plan?

Accepted Answer

The answer of Who are the two major audiences for...

Question 8

Who is the audience for a business plan?

Accepted Answer

The answer of Who is the audience for a business...

Question 9

What is the purpose of a business plan?

Accepted Answer

The answer of What is the purpose of a business...

Exam 4: Business Plan