A sole proprietorship can have only one owner, but it can have any number of employees
Indicate whether the statement is true or false
TRUE
Explanation: Although the word sole implies only a single person is involved, it in fact refers only to the ownership of such a business. A sole proprietor may employ others, as long as he or she remains the only owner of the business.
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List the five dimensions of culture as identified by Hofstede.
What will be an ideal response?
The question has two parts; be sure to complete both. First, summarize Michael Porter's model for industry analysis, explaining each of the five primary competitive forces. Next, imagine you are the CEO of The Big Ram, a company that sells ramen noodles. Give an example of each of the five primary competitive forces in The Big Ram's environment.
What will be an ideal response?
If an experiment outcome indicates that the original hypothesis was incorrect, what should the entrepreneur do?
a. conduct another experiment b. adapt the original assumption c. move forward until there is another assumption to test d. terminate the product or business concept
Howard Corporation uses a petty cash system to pay for miscellaneous expenses. Howard established the petty cash fund with $600 on March 1. On March 31, the petty cash fund contained $12.98. The custodian of the fund saved the following vouchers for cash payments during March:
Required:a) Record the entry to establish the petty cash fund in general journal format.b) Assuming the company combines the entries to record the disbursements and to replenish the petty cash fund, record that entry in general journal format.
What will be an ideal response?