Final Examination on Business Concepts

What is a common challenge faced by family businesses during succession planning?

• Limited access to technology

• Emotional attachments affecting decision-making

• International market competition

• Government regulations

In couples-owned businesses, which factor most often contributes to success?

• Having separate work schedules

• Clear role definition and boundaries

• Working in different departments

• Maintaining separate business accounts

What is a primary advantage of teens starting their own business?

• Immediate high profits

• Extensive business experience

• Early development of entrepreneurial skills

• Guaranteed success

Which challenge do women entrepreneurs frequently face in business?

• Access to funding and capital

• Technical knowledge

• Customer service skills

• Marketing abilities

When friends start a business together, what should be established first?

• A marketing strategy

• A formal partnership agreement

• A business location

• A customer base

What is a key risk management strategy for small businesses?

• Avoiding all types of insurance

• Taking maximum financial risks

• Diversifying revenue streams

• Focusing on single market segment

How can family businesses best handle conflicts?

• Ignoring the issues

• Establishing formal conflict resolution procedures

• Immediately selling the business

• Excluding family members from decisions

What is a crucial consideration for couples running a business together?

• Working identical hours

• Sharing all responsibilities equally

• Maintaining work-life balance

• Avoiding business discussions

What legal requirement should teen entrepreneurs be aware of?

• Age restrictions for certain business activities

• Mandatory college degree

• International trade licenses

• Stock market regulations

What risk do friends in business commonly face?

• Too much structure

• Strain on personal relationships

• Excess profit

• Over-communication