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Unit 7. Trends

Unit 7: Entrepreneurial Trends

QuestionAnswer
Which business entity is characterized by a single owner who has complete control and is personally liable for all business debts? Sole proprietorship
True or False: A corporation is a legal entity separate from its owners, providing limited liability protection True
Which of the following components is typically included in a business plan? A detailed marketing strategy
Which business entity allows for the distribution of profits and losses among its members based on their ownership percentage? Limited liability company (LLC)
Which of the following statements is true about a franchise? Franchisees operate under an established brand and system.
What is the primary characteristic of a conglomerate? Diverse business entities across multiple industries
True or False: The primary benefit of globalization is to limit the exchange of goods and services around the world. False
What is the definition of e-commerce? The buying and selling of goods and services through internet-based platforms
What term refers to the exchange of goods, services, information, and ideas at an unprecedented scale across the globe? Globalization
How does e-commerce differ from traditional commerce? E-commerce relies on digital delivery methods
What does the term "profit motive" refer to in economics? A desire to maximize personal income
True or False: Profit margin is the only factor that determines the financial health of a small business. False
What is the primary motivation behind profit-seeking behavior? Maximizing financial gains
What role did the profit motive play in the Wells Fargo scandal? It created a culture of unethical sales practices
Profit motive encourages individuals and businesses to: Seek opportunities to maximize profits
Created by: user-1774101
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