Chapter 2 Questions

Questions Page 40 1. a) One measure of the success of a line of products is lucre. b) An entrepreneur is a person who transforms ideas for products or serve into real-world occupationes. near characteristics of an entrepreneur would be: innovation and risk-taking. 2. a) The three types of a backing operation are: go, marketing and manufacturing. A service wrinkle organization provides a needed service for a fee (ex. move around agencies). A merchandising work buys destroyed products and resells them to individuals or other(a) business enterprisees (ex. Supermarkets). A manufacturing business buys raw materials, uses exertion and machinery to transform them into finished products to individuals or other businesses (ex. Bakeries). b) The main bending between a manufacturing business and a merchandising business is that a manufacturing business buys raw materials, makes a product and wherefore sells it when a merchandising business buys the product ready and sells it. 3. a) A furbish up proprietorship is a business have by a private person. This is the simplest way to start a business and has the least regulations. A partnership is a business that is owned by devil or more people. whole partners share gains and losses and solely have unlimited pecuniary obligation for debts. A corporation is sort from its owner(s).

It can borrow bullion, serve and be sued, own lieu and enter into contracts. b) The purpose of a partnership agreement is to cook each partners investment in money or property, responsibilities, and per cent of profit and losses. 4. a) ??! ?? b) The common disadvantage that sole traders and partnerships have is the unlimited financial obligation for any debts that the business may have. 5. a) The purpose of accounting ashes is a crucial discipline for care track of quantifiable factors for a business or individual. b) The accounting system produces information used to make decisions. 6. a) The main difference between financial and management...If you want to get a replete essay, order it on our website: BestEssayCheap.com

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