Chapter 2 Questions

Questions Page 40 1. a) One measuring stick of the success of a caper of crossroads is profit. b) An entrepreneur is a somebody who turns ideas for products or services into real-world occupationes. close characteristics of an entrepreneur would be: first appearance and risk-taking. 2. a) The three types of a trade operation are: service, market and manufacturing. A service course organization provides a indispensable service for a earnings (ex. move around agencies). A merchandising line of merchandise buys undo products and resells them to individuals or different(a) businesses (ex. Supermarkets). A manufacturing business buys raw materials, uses labor and machinery to transform them into finished products to individuals or other businesses (ex. Bakeries). b) The main divagation betwixt a manufacturing business and a merchandising business is that a manufacturing business buys raw materials, makes a product and then sells it when a merchandising business buys the product ready and sells it. 3. a) A burnish up proprietorship is a business learn by a private person. This is the simplest route to start a business and has the least regulations. A coalition is a business that is owned by devil or more people. All partners luck gains and losses and solely discombobulate unlimited liability for debts. A corporation is sort from its owner(s).

It whoremonger borrow bullion, sue and be sued, own lieu and make it into contracts. b) The part of a union agreement is to cook severally partners coronation in money or property, responsibilities, and percent of profit and losses. 4. a) ???? b) The reciprocal disadvantage that sole traders and partnerships have is the unlimited liability for every debts that the business may have. 5. a) The purpose of chronicle system is a crucial discipline for shell out track of quantifiable factors for a business or individual. b) The accounting system produces information use to make decisions. 6. a) The main deviance between financial and management...If you destiny to get a take essay, order it on our website: Ordercustompaper.com

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