business

Unit two 1. What are the three major forms of business ownership in the United States? Advantages and disadvantages of each? 2. How are the profits of a sole proprietorship taxed? 3. Small businesses create about % of the new jobs in the United States. Small businesses account for over % of the United States' gross domestic product (GDP). 4. One reason why U.S. small businesses may not want to be involved in exporting is 5. While some US businesses might not want to export, there has been an increase in participation. The increased participation in small business exporting owes much if its success to 6. general partner 7. limited partner - rather 8. Managers in progressive organizations tend to emphasize than discipline and giving orders. 9. Individuals wanting to learn about small business operations are advised to learn from who? 10. franchise advantages and disadvantages of owning one Difficult to unwind the relationship Easier for a sole prop or a partnership to get out of the business franchisor (advs & disadvs) franchisee (advs & disadvs) 11. What is a stockholder? 12. When investors successfully take a firm private, what happens to the company's stock? 13. LLC Reason limited liability companies have become so popular is that they 14. LBO The strategy of investors who are attempting a leveraged buyout is to 15. S-Corp Major advantage(s) of an S Corp- 16. What is the purpose of a mission statement? A major advantage of corporations is that they 17. Define entrepreneurship. (hint key o Entrepreneurship involves accepting word when describing an entrepreneur). 18. Entrepreneurial traits 18. Cooperative 19. Merger-define. (horizontal, vertical, etc.) o A merger involving a commercial bakery and a grocery retailer would be an example of a merger. o When two firms which do not participate in the same industries, decide to merge, the result is called a merger. 28. When managers determine that an organization is not making sufficient progress and develop corrective measures, they are involved in what management function 29 is the management function of creating a vision for the organization and guiding, training, coaching, and motivating employees to help achieve the goals and objectives of the organization. 30. involves creating a vision for others to follow, establishing corporate values and ethics, and transforming the way an organization does business so that it is more effective and efficient. 31. When managers work on creating conditions and systems to ensure that everything and everyone works together to achieve the organization's goals, they are involved in the function of management. 32. In order for standards to be useful in the controlling process, they must have certain characteristics. One of these characteristics is that they must be 33. is the management function that involves allocating resources, assigning tasks, and establishing procedures for accomplishing the organizational objectives. 34. One difference between managers and leaders is 35. Organization's most important resource 36. Managers who allow subordinates to participate in decision making are using the style of leadership. 37. General and divisional managers, plant managers, and deans and department heads at colleges are classified as management 38. Steps in the managerial decision-making process 20. What is a business plan? 21. A market consists of potential buyers of a good or service. What do you need for a market to exist? 22. SBA- 23. SCORE- 24. Sources of Small Business Financing: o After personal savings, the next largest source of capital for entrepreneurs is from 25. Factors contributing to high levels of entrepreneurship in the US. 26. Define management and what the key management functions (4) are 27. Most effective managers of the future will differ from their predecessors in what way (or ways)