Answer the following statement(s) true (T) or false (F)
1. The amount of funds necessary to finance the operation is called the capital requirement.
2. Many entrepreneurs prefer to work for someone else for a while to learn how an industry operates or to learn how to manage other people.
3. Most of the businesses in the United States are sole proprietorships.
4. It is difficult to dissolve a sole proprietorship.
5. Perhaps the chief advantage of a sole proprietorship is unlimited liability.
1. TRUE
2. TRUE
3. TRUE
4. FALSE
5. FALSE
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The qualitative value of an exposure through a given medium is known as ________
A) frequency B) reach C) amplitude D) impact E) range
Process-related decisions may include all of the following except:
a. Determining which activities to outsource b. Determining how a product should be marketed c. Determining how to improve an existing process d. Determining how to reduce manufacturing costs
Wendell, new to the area, selects a doctor from the telephone book and visits that doctor to have a splinter extracted. Unbeknownst to Wendell, the doctor has never passed the state licensing exams. Later, when Wendell discovers the truth, he refuses to pay his bill. If the doctor sues for recovery of the fee, will the court support the doctor's claim?
a. Yes, it was up to Wendell to verify the doctor's qualifications prior to having the splinter extracted. b. No, the court is likely to take the position that it is not in the public's best interest to enforce contracts with unlicensed doctors. c. It depends on whether Wendell's injury healed properly. d. Yes, it is unconscionable that Wendell would not pay a bill he owed.
A business that is owned by and operated for the benefit of patrons using its services is called a ________.
A. cooperative B. joint venture C. proprietorship D. fractional ownership