Question 1

Right Start Printing is looking to secure new screen printers and embossing machines for three of its locations. The company wants to get quotes from several suppliers. If Right Start wants to know what equipment it will be getting and the cost, when the equipment will be received, and what training and support will be provided with the products, it should ask each supplier to provide

Accepted Answer

A service level agreement (SLA) is the correct choice because it typically outlines the specific services a supplier will provide, including details on the equipment, costs, delivery timelines, and any additional support or training that comes with the products. This matches Right Start Printing's needs for information from the suppliers.

Question 2

Entrepreneur Gabrielle Romano is the proud owner of an Oats and Honey supermarket, a California-based natural foods franchise. In San Diego, where her store is located, she must add 7.75% to each customer purchase. This is an example of

Accepted Answer

The 7.75% added to each customer purchase in San Diego represents a sales tax, which is a percentage of the sale price of goods and services, collected by retailers at the point of sale and passed on to the government.

Question 3

Not only individuals but also businesses must pay ________ taxes on earnings they receive.

Accepted Answer

Businesses must pay income taxes on the earnings they receive, similar to individuals. This is a fundamental aspect of tax law in many countries.

Question 4

Excise taxes are based on the ________ of services or property.

Accepted Answer

Excise taxes are based on the value of services or property.

Question 5

Bankruptcy is defined as the legal means of relief for debtors who are

Accepted Answer

Bankruptcy is a legal process designed for individuals or businesses that are unable to pay their outstanding debts. The process allows them to eliminate or repay some or all of their debts under the protection of the bankruptcy court. Choices A, B, D, and E do not accurately define the purpose or conditions for declaring bankruptcy.

Question 6

Ashley Cano purchased a bottle of salad dressing that broke apart when she tried to open it. She cut her hand and had to get stitches. Her buyers' rights are protected under ________ laws.

Accepted Answer

Consumer protection laws are designed to safeguard buyers from injuries caused by defective products, including issues with packaging. These laws ensure that consumers can seek compensation for injuries resulting from the use of products as intended.

Question 7

Explain why a high need for achievement and action orientation is important for an entrepreneur's success.

Accepted Answer

The answer of Explain why a high need for achievement...

Question 8

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Accepted Answer

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Question 9

This question has been deleted. Please remove it from your assignment

Accepted Answer

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Question 10

Describe and provide examples of some of the benefits of locating a small business in an enterprise zone.

Accepted Answer

The answer of Describe and provide examples of some of...

Question 11

Chief executive officers are business owners who see a new opportunity for a product or service and risk their time and money to start a business.

Accepted Answer

Chief executive officers (CEOs) are the highest-ranking executives in companies who manage and oversee operations, but they are not necessarily the business owners. Entrepreneurs are the ones who see new opportunities and risk their time and money to start businesses.

Question 12

A business idea should involve something you are interested in and passionate about solving.

Accepted Answer

A business idea that aligns with your interests and passions is more likely to keep you motivated and engaged, especially when facing challenges.

Question 13

A mission statement is a document that guides small-business owners as they prepare to open their new businesses; it identifies the firm's goals, the methods for achieving them, and the standards for measuring success.

Accepted Answer

The answer of A mission statement is a document that...

Question 14

When a privately-owned company becomes a publicly-owned company by issuing stock for sale to the public, it is known as going public.

Accepted Answer

Going public refers to the process of a privately-owned company issuing stock for sale to the public for the first time, transitioning into a publicly-owned entity. This is typically done through an Initial Public Offering (IPO).

Question 15

An enterprise zone is a facility that offers small businesses low-cost offices with basic services.

Accepted Answer

An enterprise zone is a designated area where policies to encourage economic growth and development are implemented, offering tax concessions, infrastructure incentives, and reduced regulations to attract investments and promote business activities, not specifically low-cost offices with basic services.

Question 16

Large companies provide the majority of U.S. sales.

Accepted Answer

Small businesses significantly contribute to U.S. sales, employment, and economic growth, making up a large portion of the economy.

Question 17

Supporting oneself by working from home is a realistic possibility, but only for freelancers in creative fields, such as writers and designers.

Accepted Answer

Many professionals across various fields, including IT, education, marketing, and customer service, successfully work from home, not just those in creative freelancers. Remote work opportunities have expanded across industries, especially with advancements in technology and changes in work culture.

Question 18

You can't realistically expect to start earning profits any time soon when you take over an existing business.

Accepted Answer

When you take over an existing business, it may already have a customer base, revenue streams, and operational systems in place, which can allow you to start earning profits sooner compared to starting a new business from scratch.

Question 19

The best way to keep customers happy is to sell a quality product or service at a value-added price.

Accepted Answer

Providing a quality product or service at a value-added price ensures customer satisfaction by meeting or exceeding their expectations, which is fundamental to maintaining happy and loyal customers.

Question 20

In a distributorship, the franchisee is given the right to manufacture and distribute a certain product, following a formula or using supplies purchased from the franchisor.

Accepted Answer

In a distributorship, the franchisee is given the right to distribute the franchisor's products, but not necessarily the right to manufacture them. Manufacturing rights are a separate consideration and not inherent in all distributorship agreements.

Quiz 4: The Development of the Global Economy

Entrepreneur Gabrielle Romano is the proud owner of an Oats and Honey supermarket, a California-based natural foods franchise. In San Diego, where her store is located, she must add 7.75% to each customer purchase. This is an example of

Not only individuals but also businesses must pay ________ taxes on earnings they receive.

Excise taxes are based on the ________ of services or property.

Bankruptcy is defined as the legal means of relief for debtors who are

Ashley Cano purchased a bottle of salad dressing that broke apart when she tried to open it. She cut her hand and had to get stitches. Her buyers' rights are protected under ________ laws.

Explain why a high need for achievement and action orientation is important for an entrepreneur's success.

This question has been deleted. Please remove it from your assignment

This question has been deleted. Please remove it from your assignment

Describe and provide examples of some of the benefits of locating a small business in an enterprise zone.

Chief executive officers are business owners who see a new opportunity for a product or service and risk their time and money to start a business.

A business idea should involve something you are interested in and passionate about solving.

A mission statement is a document that guides small-business owners as they prepare to open their new businesses; it identifies the firm's goals, the methods for achieving them, and the standards for measuring success.

When a privately-owned company becomes a publicly-owned company by issuing stock for sale to the public, it is known as going public.

An enterprise zone is a facility that offers small businesses low-cost offices with basic services.

Large companies provide the majority of U.S. sales.

Supporting oneself by working from home is a realistic possibility, but only for freelancers in creative fields, such as writers and designers.

You can't realistically expect to start earning profits any time soon when you take over an existing business.

The best way to keep customers happy is to sell a quality product or service at a value-added price.

In a distributorship, the franchisee is given the right to manufacture and distribute a certain product, following a formula or using supplies purchased from the franchisor.