TLE 222ED - FINAL SUMMATIVE EXAM

They grab opportunities that come their way, be they in acquiring loans, or space, or in expanding their business.

It is an organized effort of individuals to produce and sell goods and services in order to satisfy the needs of society.

They refer to partners who do not take active participation in the operation of the business, but they are generally known to be partners of the business.

The success of any business enterprise primarily depends on the efficiency of its employees.

These gives the inventor exclusive legal rights to exclude anyone else from manufacturing, selling, importing, or using an invention during the life of the patent.

It is a patent that covers the creation of new or improved- and useful product, process, or machine.

It must be based on the available resources: humans, financial, and physical resources.

These should be specific and realistic

This will spell out the difference between a well-written business plan and a poorly done one.

It is the value placed on goods and services offered to the public.