Entrepreneurship: A Study Guide

Front

How do verbal and nonverbal communication work together to enhance business interactions?

Back

They enhance clarity and understanding.

Front

Explain the concept of liability and how it relates to sole proprietorships.

Back

Liability in sole proprietorships means the owner is personally responsible for all debts and obligations.

Front

How does the concept of brand recognition impact the challenge of finding customers for new and small businesses?

Back

It makes it more challenging for new businesses to find customers.

Front

What are the benefits of collaborating with entrepreneurial organizations like the Future Business Leaders of America (FBLA)?

Back

Access to a network of like-minded individuals, Opportunities for leadership development, Exposure to real-world business scenarios.

Front

What are the three common types of business laws that entrepreneurs should be aware of?

Back

Contract law, employment law, and intellectual property law

Front

What is the state of being legally responsible for something called?

Back

Liability

Front

What is a person or company that owns shares of stock in a corporation, signifying partial ownership called?

Back

Shareholder

Front

What is an individual who starts and manages a business venture, assuming the risks and rewards called?

Back

Entrepreneur

Front

What is a Small Business?

Back

An independently owned and operated company that is limited in size, typically employing fewer than 500 people.

Front

What is Management Style?

Back

The approach used by a manager to motivate and guide employees towards achieving organizational goals