Sam and Laurel want to go into business together. There is no gourmet pastry shop in their small town and their plan is to be the first and corner the market. They already have all the money needed to start the company and would like to have some liability coverage while sharing the profits. What type of business structure would be best for Sam and Laurel?(1 point)Responsessole proprietorshipsole proprietorshipgeneral partnershipgeneral partnershipLimited Liability CorporationLimited Liability Corporationfranchise
A Limited Liability Corporation (LLC) would be the best type of business structure for Sam and Laurel. An LLC offers liability protection for the owners (Sam and Laurel) and allows them to share the profits while also having some liability coverage.
A Limited Liability Corporation (LLC) is considered a separate entity from the business owner, which means that the business owner does not have to take money out of their personal bank account to settle what? (1 point) Responses business debts business debts customer disputes customer disputes employee arguments employee arguments broken inventory
A Limited Liability Corporation (LLC) protects the business owner from having to take money out of their personal bank account to settle business debts.
What specific agency is responsible for creating marketing trade regulations? (1 point) Responses US Securities Commission US Securities Commission US Federal Trade Commission US Federal Trade Commission Federal Reserve Board Federal Reserve Board Occupational Safety Administration
The US Federal Trade Commission (FTC) is responsible for creating marketing trade regulations.
What regulatory agency monitors all issues related to food safety, drug prescriptions, vaccines, and more? (1 point) Responses the Internal Revenue Service the Internal Revenue Service the Food and Drug Administration the Food and Drug Administration US Securities and Exchange Commission US Securities and Exchange Commission the Consumer Product Safety Commission
The regulatory agency that monitors all issues related to food safety, drug prescriptions, vaccines, and more is the Food and Drug Administration (FDA).
Rodney works for a major marketing firm and is considered a permanent worker who is paid a salary by his company, making him what kind of employee? (1 point) Responses full-time employee full-time employee seasonal worker seasonal worker independent employee independent employee lobby employee
Rodney, who works for a major marketing firm and is considered a permanent worker paid a salary, would be classified as a full-time employee.
udrey manages a small paper company and likes to think that she manages in a style that is the complete opposite of an autocratic style because she encourages employees to give feedback and openly collaborate with herself and other people in management. What management style best describes how Audrey manages her paper company? (1 point) Responses consultative consultative persuasive persuasive democratic democratic laissez-faire
The management style that best describes how Audrey manages her paper company is democratic.
The word ‘_____’ comes from the Latin word ‘_____,’ which means body. (1 point) Responses liability; liable liability; liable corporation; corpus corporation; corpus proprietorship; prop proprietorship; prop prosecute; pros
The word 'corporation' comes from the Latin word 'corpus,' which means body.
What do we call a document containing all the marketing strategies and tactics a business will use to promote its products or services? (1 point) Responses a tactical text a tactical text a strategic sketch a strategic sketch a marketing plan a marketing plan an advertising outline
We call a document containing all the marketing strategies and tactics a business will use to promote its products or services a marketing plan.
Everything that goes into launching a business from idea to reality can be broken down into a process that takes how many steps? (1 point) Responses 10-step 10-step 20-steps 20-steps 5-steps 5-steps 3-steps
The process of launching a business from idea to reality can be broken down into a 10-step process.
he first trade unions date were organized to improve working conditions. But today, trade unions have become powerful organizations that enjoy what kind of protection? (1 point) Responses city council protection city council protection neighborhood protection neighborhood protection federal and state law protection federal and state law protection unofficial mob protection
Trade unions today enjoy federal and state law protection.
When starting a business, what step in the 10-step process stage is vital because it helps the company’s management identify all the steps that they must take to make the company successful? (1 point) Responses Step 1: Idea Validation Step 1: Idea Validation Step 4: Building a Team Step 4: Building a Team Step 2: Planning Step 2: Planning Step 5: Promoting the Business
In the 10-step process of starting a business, Step 2: Planning is vital because it helps the company's management identify all the steps that they must take to make the company successful.
In what kind of management style do the employees and managers work together to reach a mutual agreement on issues affecting the company and is often the best option for complex decisions where there's a possibility for multiple outcomes? (1 point) Responses laissez-faire laissez-faire democratic democratic persuasive persuasive autocratic
In the management style where employees and managers work together to reach a mutual agreement on issues affecting the company, democratic management style is the most appropriate. It is often the best option for complex decisions where there's a possibility for multiple outcomes.
A licensing relationship in which a franchisor gives franchisees a license to do business under their brand name is called a: (1 point) Responses franchise. franchise. LLC. LLC. sole proprietorship. sole proprietorship. corporation.
A licensing relationship in which a franchisor gives franchisees a license to do business under their brand name is called a franchise.
In a free market system, businesses and governments work together to improve the greater good of _______. (1 point) Responses the indigent the indigent the entire society the entire society the wealthy the wealthy the middle class
In a free market system, businesses and governments work together to improve the greater good of the entire society.
What term refers to a company that is granted the right to manufacture licensed products? (1 point) Responses licensor licensor licensee licensee lobbyist lobbyist shareholder
The term that refers to a company that is granted the right to manufacture licensed products is licensee.
hen corporations want to raise money, what do they sell in exchange for cash from shareholders? (1 point) Responses personal trinkets personal trinkets pieces of their real estate pieces of their real estate percentages of their decision-making power percentages of their decision-making power shares of their stock shares of their stock
When corporations want to raise money, they sell shares of their stock in exchange for cash from shareholders.
What refers to a type of business proposition in which a person, or distributor, sells products to the public using a combination of direct sales and word-of-mouth marketing? (1 point) Responses multi-level marketing multi-level marketing tri-level marketing tri-level marketing singular start-up singular start-up pyramid distribution
The term that refers to a type of business proposition in which a person, or distributor, sells products to the public using a combination of direct sales and word-of-mouth marketing is multi-level marketing.
The _____ the company, the more influence it can have on the government. (1 point) Responses less significant less significant smaller smaller bigger bigger newer
The bigger the company, the more influence it can have on the government.
