GEAS CHAPTER 4 1

Which of the following is not a disadvantage of sole proprietorship?

• Large personal time commitment

• Unstable business life

• Difficulty in attracting qualified employees

• none of the choices

Which of the following is/are the Drawbacks of Entrepreneurship?

• Long hours and hard work

• Uncertainty of income

• Risk of losing your entire investment

• All of the above

Positive internal factors a company can draw on to accomplish its mission, goals, and objectives.

• weaknesses

• mission

• vision

• strengths

Examine the needs of both parties and all of the relevant external factors affecting the negotiation before you sit down to talk.

• Poise

• Persistence

• Patience

• Preparation

Which of the following is/are the Elements of a Business Plan?

• Plan of Operation

• Description of Management Team

• Pro Forma Financial Statements

• all of the above

The purchase of a corporation by another corporation or investment group.

• cooperatives

• Merger

• Acquisition

• joint ventures

One characteristic of entrepreneurs that stands out is

• originality

• Diversity

• hard work

• hospitality

Legal entity with an existence and life separate from its owners, who therefore are not personally liable for its debts.

• limited liability company

• partnership

• sole proprietorship

• franchise

The contract in which a business seller agrees not to compete with the buyer within a specific time and geographic area.

• Restrictive covenant

• Lien

• Bulk transfer

• Contract assignment

Don't be in such a hurry to close the deal that you end up giving up much of what you hoped to get.

• Preparation

• Patience

• Persistence

• Poise