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What is the definition of a Businessperson?

• An individual who has founded, owns, or holds shares in a private-sector company.

• A wealthy person who uses money to invest in trade and industry for profit.

• An individual who provides services to other businesses.

• An individual who works for a corporation.

Which theory is associated with Joseph Alois Schumpeter?

• Theory of Economic Development

• Theory of Market Research

• Theory of Consumer Behavior

• Theory of Competitive Landscape

What is the main advantage of a Sole Proprietorship?

• Transferable ownership rights

• Simplicity

• Shared management

• Ability to acquire new capital

What is the purpose of Market Research?

• To manufacture goods using raw materials.

• To establish legal requirements for a business.

• To provide services to the community.

• To identify and describe potential customers.

Which source of opportunity involves changes in technology, social values, and customer tastes?

• Inconsistency/incongruency

• Unexpected events

• New knowledge

• Industry/market shifts

What is the main disadvantage of a Partnership?

• Relatively bigger resources

• Limited liability of partners

• Shared assets

• Management conflicts

What is the primary function of a Cooperative?

• To engage in buy and sell of goods

• To provide services to the community

• To balance social mission and business productivity

• To maximize profit for shareholders

Which type of business is engaged in the processing and creation of goods using raw materials?

• Service business

• Manufacturing business

• Cooperative

• Merchandising business

What is the main advantage of a Corporation?

• Simple taxation

• Limited liability of stockholders

• Heavily regulated by the government

• Shared operation cost

What is the purpose of a Cooperative?

• To balance social mission and business productivity

• To engage in buy and sell of goods

• To maximize profit for shareholders

• To provide services to the community