All small businesses have an inherent amount of risk associated with starting the business. List and explain two types of specific risks.
What will be an ideal response?
(1) Personal risk; personal reputation; If business fails, what does an individual do; timing; personal rewards; (2) Business risk; growing the business; competitive advantage; success in the industry; limiting factors in the growth of business
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Explain why business demand is considered a derived demand. Provide an example
What will be an ideal response?
A building not currently used because economic conditions have limited a company's expansion is classified properly as property, plant, and equipment
Indicate whether the statement is true or false
Seeing what needs to be done is a management, rather than a leadership, element.
Answer the following statement true (T) or false (F)
Bracket creep refers to an increase in marginal taxes caused by the impact of inflation
Indicate whether this statement is true or false.