QUESTION Comment on the suggestion that businesses should avoid all risks. What will be an ideal response? ANSWER This is not possible. Almost everything in business involves some kind of risk. Risk, furthermore, often comes with rewards. The goal of a business is to seek opportunities, assess threats and risks, and enjoy rewards.
QUESTION By carefully choosing the fisheries from which to purchase resources for their frozen fish products, Unilever is focusing on the sustainability of their ________. a. supply chain b. equilibrium price c. demand curve d. fixed costs ANSWER a
QUESTION Partnerships are the most common type of business because most people like to share responsibility and risk. Indicate whether the statement is true or false ANSWER FALSE
QUESTION Can financial statements be used in SWOT analysis? What will be an ideal response? ANSWER Yes, financial statements can be used in SWOT analysis. Some internal strengths and weaknesses are financial. External opportunities and threats also can change financial results. A company must look at its financial statements as part of its SWOT […]
QUESTION What is the difference between an asset and a liability? What will be an ideal response? ANSWER An asset is something that a person or a business owns. A liability is a legal obligation that a person or a business has to pay back or something owed. A liability is an asset to […]
QUESTION One quality of a great leader is _______, a. inventory b. innovation c. intelligence d. inquisitiveness ANSWER b
QUESTION In a capitalistic economy, the operation of the ________ determines the types of goods and services produced, the prices charged, and the amount of income received. a. supply chain b. free market c. triple bottom line d. shareholder ANSWER b
QUESTION It is never a good idea to include best- and worst-case scenarios in the financial analysis section of a business plan. Indicate whether the statement is true or false ANSWER FALSE
QUESTION A person who has formal authority and takes care of four main functions is a(n) ________. a. manager b. employee c. follower d. leader ANSWER a
QUESTION Industries tend to spread out geographically during the growth stage of a business life cycle. Indicate whether the statement is true or false ANSWER TRUE
