Quiz 12

A  general partnership.

B  corporation.

C  sole proprietorship.

D  limited liability company (LLC).

E  limited partnership.

A  Venture capital

B  Personal funding

C  Bank lending

D  Crowdfunding

E  “Love money”

A  sole proprietorship

B  partnership

C  corporation

D  limited liability company (LLC)

E  small business

A  John worked for the federal government in the Internal Revenue Department for 30 years, learning the ins and outs of corporate taxes. After retiring, he starts his own tax-advisory business.

B  Frank is a talented drummer who starts his own band, composes his own music, and records at his own studio.

C  Cassandra works for a medical supply company as an engineer. After she perceives the medical community needs for a new surgical laser device, she designs a new product for the company.

D  Sally previously worked as a copyeditor at a national magazine. She leaves the company to begin her own small publishing company.

E  Fiona worked at many restaurants as a short-order cook; she leaves to start her own diner.

A  Sales Strategies

B  Market Analysis

C  Financial Projections

D  Funding Requirements

E  Executive Summary

A  an executive summary.

B  organization and management design.

C  funding requirements.

D  sales strategies.

E  a detailed account of expenditures.

A  a willingness to take risks

B  a desire to control one’s own destiny

C  the ability to tolerate ambiguity

D  an external locus of control

E  emotional stability

A  A self-employed person seeks to influence markets or industries.

B  A self-employed person delegates responsibilities to trusted people.

C  A self-employed person enjoys taking risks.

D  A self-employed person must follow a broad set of legal requirements.

E  A self-employed person does most of the work.

A  a massage therapist who performs massages in people’s homes

B  a construction contractor who owns his own business and focuses on renovating landmarked homes

C  a doctor who develops a high-protein drink to sell and for each sale donates another bottle to people in developing nations

D  a writer who sells her articles to various magazines

E  a driver who uses his own car to drive the elderly to and from their appointments or social engagements

A  Identify your clients, practice humility, network, surround yourself with people who have contrary perspectives, and identify appropriate financing institutions.

B  Identify your motives, build clients, practice self-promotion, surround yourself with the right people, and learn the basics of accounting.

C  Realize that most startups fail, practice determination, hire the appropriate staff, and surround yourself with people who understand finance, and remember that clients will come if you do all these.

D  Identify your motives, practice patience, determine if there is a global market, realize that the venture is an experience in solitude, and learn the basics of accounting.

E  Identify your motives, build clients, practice humility, surround yourself with the right people, and learn the basics of accounting.