Questions:
1. There are many successful entrepreneurs, such as Bill Gates, Warren Buffet, and Steve Jobs. What are four traits they have in common? Were these entrepreneurs born with these traits, or did they develop these traits? Support your answer.
2. There are many advantages and disadvantage to each type of business ownership. Select and discuss two advantages and two disadvantages for each type of business ownership.
3. What are the four types of corporations? What makes each corporation different? What are advantages and disadvantages to the most common form of corporation?
4. What are the two types of franchises? What are the advantages and disadvantages to each?
5. There are three basic types of financial statements that provide stakeholders a broad picture of an organization's finances. What are these three statements? Describe each of them.
6. An important part of business is to plan ahead. Identify three planning tools used for forecasting and the information each provides.
7. What is the objective for business budgeting? What are the four advantages that a good budget provides? Explain.
8. What are the generally accepted accounting principles (GAAPs)? Why do we need GAAPs? What is the purpose and goal for this practice? What is the challenge of using this practice?
9. What are the three basic types of securities that are issued by corporations? Explain the key rights for common stock ownership and how these rights benefit the shareholders.
10. What is the difference between data and information? What are characteristics of good information? How does technology improve the decision making process?
11. What are the two types of networks that are specific to the user? How are these types of networking advantageous for both the business and the end user?
12. List and describe the basic makeup for a computer and the function each performs. Identify and describe the two types of software.
13. What are the two types of wholesalers and the benefits that each afford? What connection do they have to the producer, and what advantages do the producers and wholesalers gain using these strategies?
14. How do distributors add value by utilizing different types of utility? What are the different types of utility and the benefits they provide to the consumer?
15. What are the benefits for companies that use promotions? What are the tools used to promote consumer products? Explain each promotional tool.
16. What elements define a marketing plan? What are the necessary strategic steps to reach the company's goal?
17. What is an event that forced American businesses to focus on quality? What are two methods American businesses use to improve the quality of their products and services? Describe the methods.
18. Training and developing employees is a must to keep up with the changes in the business world. What are the ways human resources can keep pace? What are the benefits that each provide to the employee and to the employer?
19. What are some human resource challenges? How would a good human resources department meet these challenges?
20. It is very important that companies hire the right people for jobs. What is the process for hiring a person in order to fill a specific position? Explain the steps in the process.
Your response should be at least 200 words in length. You are required to use at least your textbook as source material for your response. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations.