l Family Mobile LTE 2:10 AM Economics-chapter-9-review-fort Name Chapter 9 Revie
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l Family Mobile LTE 2:10 AM Economics-chapter-9-review-fort Name Chapter 9 Review for Test What is a sole proprietorship? What are the advantages and disadvantages of sole proprietorships? How do sole proprietors expand their businesses? What is the most common form of business organization? What is a partnership? What is the difference between a limited partnership, a general partnership and a limited liability partnership? What are the advantages and disadvantages of partnerships? What is a corporation? Who chooses the board of directors? What are the advantages and disadvantages of What is a multinational corporation? What are the advantages and disadvantages of multinational corporations? What is a franchise? What are the advantages and disadvantages of franchises? What is a nonprofit? What are some types of nonprofits? What functions do they serve? What is a cooperative? What is the goal of a cooperative? What are the characteristics of entrepreneurs? What are the rights and responsibilities of businesses?Explanation / Answer
1. Sole properitorship means a single owner to the business, which means that no difference between business and properitor
2. Advantages are : He is the one who has power to take decisions, can implement his strategies with in a less period of time and enjoys the profit made by company
Disadvantages are: He might sufer the loss taken by his individual decision making, lack of expert advice.
3. Solepropreitors expand their business by acquiring small outlets where he employes his family members as their managing director
4. Most common form of business organizations is functional strucutre type of organizations. It means that a companys employees are divided into various teams depends on their functionalities and work towards a common goal.
5. Partnership is a form of business which involves a min of 2 persons in a business
6. Limited partnership : 2- 6 people as board of directors
general partnership- between two parties
Limited Liability partnership - More tan 6 partners
7. Disadvantages of partnerships is it takes time to implement to strategies and many advices from partners which needs to be addressed
8. Corporation is a group of companies which come together to form a recognized entity which is decided by law
9. CEO, CFO, Preference Shareholders with an approval from regulatory body elects board of directors
10. Advantages of corporation: Synergies come out if they are like minded companies
Disadvantages: Cant achieve individual goals as they need to make way for a common goal
11. Multinational corporation: It is a combination of various companies from different borders
12. Advantages of multinational corporation:It helps integrating various resources to reach a common goal in a faster way
Disadvantages: Language and cultural barriers
13. A form of business which ties up with other business which falls in a single product or service offerings
14. Advantages of franchise: No internal competition or no extra marketing expenses as all items can be bought under a single roof
Disadvantages of franchise: If franchise is done with a company which has a low brand name, it reduces the brand value of the franchise
15. Non Profit: Theses organizations are actually service based organizations, which serves people free of cost and dont expect any return on they spend (this answer covers the next question as well)
15. Co operatives is formed by a normal individuals to meet there social economic and financial needs
16. Goal is to meet their financial, social and economic needs
17. To meet their financial, social and economic needs
18. Characteristics of enterprenuers: They are innovative, good at communication skills, hardworking and have clear strategy to reach their goal
19. Rights and responsibilities of business:
To stick to companies objectives, vision and missions.
Responsibilities to create value to their clients and share holders along with stakeholders.
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