BUSI 101_Week 4_Summary_Part 1

What are the main topics covered in BUSI 101_Week 4_Part 1?

• Marketing strategies and consumer behavior

• Small business, new venture creation, and entrepreneurship

• Financial accounting and reporting

• International trade and globalization

Which process and its elements are discussed in BUSI 101_Week 4_Part 1?

• The marketing process

• The financial reporting process

• The entrepreneurial process

• The supply chain process

What is highlighted as important to the Canadian economy in BUSI 101_Week 4_Part 1?

• Large corporations

• Small businesses

• Government policies

• International trade

What forms of business are discussed in BUSI 101_Week 4_Part 1?

• Forms of business ownership

• Forms of business marketing

• Forms of business taxation

• Forms of business regulation

What role do new businesses play in the economy?

• They typically remain small in size.

• They play a crucial role in job creation and often embody entrepreneurial spirit.

• They do not contribute significantly to job creation.

• They are always entrepreneurial.

How are small businesses typically characterized?

• They are always entrepreneurial.

• They are large in size.

• They are typically small in size but not all are entrepreneurial.

• They do not contribute to the economy.

What is the definition of a small business?

• A) A business with more than 100 employees

• B) A business managed by a team of owners

• C) An owner-managed business with fewer than 100 employees

• D) A business that operates internationally

What is one of the challenges faced by small businesses in Canada?

• A) High taxation rates

• B) Inconsistent definitions of small businesses

• C) Lack of skilled labor

• D) High competition from large corporations

Who are nascent entrepreneurs?

• A) Individuals trying to start a business from scratch

• B) Experienced business owners expanding their business

• C) Investors looking for new opportunities

• D) Managers of large corporations

What is the definition of a new venture?

• A) A business that has been operational for more than 12 months.

• B) A business that has become operational within the previous 12 months, adopts organizational forms like proprietorship, partnership, corporation, or co-operative, and sells goods or services.

• C) A business that only sells goods.

• D) A business that only adopts the form of a corporation.