25. The following are advantages of Sole Proprietorship except:

a. No formal organizational structure

b. More freedom to take actions

c. Concentrated liability

d. Simpler tax procedures

26. The following are disadvantages of Corporation except:

a. Double taxation

b. Heavy federal and state legal requirements

c. Separation between shareholder and business

d. Limited liabilities for shareholders

27. An entrepreneurial profit is:

a. the absolute difference between total revenue and total cost

b. the difference between total revenue and total cost including taxes

c. The amount earned above and beyond what the entrepreneur would have earned had he chosen to invest time and money somewhere else.

d. Only the excess equity earned over a capital sold.

28. While the vision of a firm is ----------; the mission is -----------:

a. about what ultimately is going to be achieved; about how to achieve it.

b. seeing the future; concerning about the present only.

c. the leaderships task; a grass-root movement

d. very short statement; a lengthy document.

29. A focused and targetable segment of consumers who may be convinced to see the proposed business and know about its product is called:

a. target market

b. market share

c. market niche

d. business share