Question: What are the three disadvantages of selling physical products?

Answer: Needing employees to track the supply.

Shipping and packaging costs.

Needing storage space.

Question: Which corporation uses a double layer of taxation?

Answer: C Corporation.

Question: Jane is an investor in a full-detail carwash that opened several years ago. She has been very pleased with the company’s management after helping select a new CEO two months ago. Which describes the role Jane plays in the full-detail carwash?

Answer: Stockholder.

Question: When an employee is hired, they sign a contract that outlines the employee’s and the employer’s _________ and the terms of employment.

Answer: Obligations.

Question:

Answer: Piece work and Commission

Question: Mike is the owner of a doggy daycare and grooming business. The business is economically healthy, and he is looking for ways to finance future growth. In which business life cycle is Mike?

Answer: Take off

Question: What might the design team need to do during the design thinking process?

Answer: Revisit previous stages

Question: A common financial risk that entrepreneurs encounter is _______

Answer: Bankruptcy

Question: What are two benefits of entrepreneurship?

Answer: Setting one’s own hours.

Having set pay.

Question: Elizabeth sells makeup and has a team of distributors that she has recruited to sell makeup with her. She earns a percentage from all of the sales that the distributors make. What type of business opportunity is Elizabeth a part of?

Answer: Network Marketing