Intro Final Prep

When developing a product or service, a business must do all of the following except

• create a need for the product or service

• evaluate the demand for the product or service.

• obtain start-up and operating capital.

• keep records to satisfy government requirements.

A written description of a business venture that describes all aspects of the business is called

• a company charter.

• a company policy.

• a business plan.

• an executive summary.

SBA stands for

• Start-Up business

• Small Business Agency

• Small Business Administration

• Small Business of America

There are three (3) main types of business organizations: sole proprietorships, partnerships, and corporations.

• True

• False

All of the following are disadvantages of forming a corporation except

• increased government regulation.

• limited liability.

• double taxation.

• difficult to start.

All of the following are disadvantages of forming a corporation except

• double taxation

• limited liability

• government regulation

• difficult to start

Creating goals and objectives as well as strategies to meet them

• organizing

• planning.

• leading.

• controlling.

The means through which goods and services are produced are called

• economic resources
• needs
• spending opportunities
• economic choices

Employees can be considered a capital resource.

• true
• false

The higher the price, the higher the producer's profits. 

• true
• false