Exam 3: Entrepreneurship, New Ventures, and Business Ownership

Short Case Scenario 3-1 The Miller brothers (Jack, Bill, and Evan) are about to fulfill a life-long dream. They are buying a thousand-acre farm and plan to grow cotton. Seeking independence, they are not interested in bringing in any outside owners. They have obtained financing from the Farm Credit Bureau that will allow them to finance the purchase of the farm and some equipment. The brothers are realistic and expect to work very long hours. However, they have a few critical decisions left to make. -Assuming the farm is organized as a private corporation,what are the advantages?

Corporations account for roughly 90 percent of all businesses but only 20 percent of all sales revenues.

Which of the following sources of funding is most commonly used to start a new business?

The most important benefit of sole proprietorships is ________.

Small Business Development Center (SBDC)is an SBA program that consolidates information for small businesses to access.

Which of the following represents the fastest-growing segment of business ownership?

In theory,the legal life of a corporation is ________.

Short Case Scenario 3-1 The Miller brothers (Jack, Bill, and Evan) are about to fulfill a life-long dream. They are buying a thousand-acre farm and plan to grow cotton. Seeking independence, they are not interested in bringing in any outside owners. They have obtained financing from the Farm Credit Bureau that will allow them to finance the purchase of the farm and some equipment. The brothers are realistic and expect to work very long hours. However, they have a few critical decisions left to make. -Assuming the farm is organized as a limited liability corporation,what are the advantages?

What is a multinational corporation?

Which of the following factors is NOT typically cited as a reason for small business success?

Today,about ________ of all businesses in the United States are sole proprietors.

A(n)________ invests money in a partnership but is liable only to the extent of his/her investment.

Short Case Scenario 3-1 The Miller brothers (Jack, Bill, and Evan) are about to fulfill a life-long dream. They are buying a thousand-acre farm and plan to grow cotton. Seeking independence, they are not interested in bringing in any outside owners. They have obtained financing from the Farm Credit Bureau that will allow them to finance the purchase of the farm and some equipment. The brothers are realistic and expect to work very long hours. However, they have a few critical decisions left to make. -Assuming the farm is organized as a limited liability corporation,what are the disadvantages?

Kent Kauffman and Patrick McCormick have decided to start a landscaping business.One of the first things that they do is sign the ________,which describes the investments and responsibilities of the partners and makes provisions for the allocations of profits and dissolution of the business.

Small businesses account for ________ of all new jobs in high technology sectors.

Short Case Scenario 3-1 The Miller brothers (Jack, Bill, and Evan) are about to fulfill a life-long dream. They are buying a thousand-acre farm and plan to grow cotton. Seeking independence, they are not interested in bringing in any outside owners. They have obtained financing from the Farm Credit Bureau that will allow them to finance the purchase of the farm and some equipment. The brothers are realistic and expect to work very long hours. However, they have a few critical decisions left to make. -The Miller brothers are not sure how to organize their business.What are their options in terms of legal form?

Sole proprietors are personally responsible for all the debts of the business.

The person responsible for the firm's overall performance is the ________.

Top managers hired by the board of directors to run the corporation on a day-to-day basis are called ________.

A sole proprietorship is a business owned by one person.