Assignment ContentChapter 18: The Entrepreneur’s Options
Your assignments are designed to accomplish two goals: ensure that you are keeping up with your reading, and reinforce the concepts you learned in reading the chapters. In this online course, You MUST read the chapters completely. You cannot just hunt and peck for the answers to the questions in the weekly assignments: if you do that you will never understand the legal concepts that you will be tested on in the midterm and final exams.
I will use these homework assignments to provide additional information about the key concepts we will be learning about in the text. Therefore, along with reading the chapter and answering the questions, it is important that you also read the information I am providing to you in these homework assignments, as I want to ensure that you understand the background and key concepts surrounding each question. You will be responsible for all the information I have provided, along with the information you provide in your answers.
Page Numbers: As some students are working with the 12th edition and others are using the 13th edition of the textbook for this course, I am including the page numbers and information for both. The 13th edition page numbers will be underlined and the 12th edition will not be underlined.
Advice: Double check your spelling and grammar for the fill-in-the-blank questions. The computer will automatically count off for mispellings, improper grammar, or any words other than the one(s) the textbook provided.
Helpful Hint: As you are completing the assignment, follow along in the textbook. Fill-in-the-blank questions are typically straight out of the textbook.
Read p 507; p 524:
Question 13 PointsAn entrepreneur is:
Well, if you want to start a business, one of the first questions you need to ask is what form of business organization is right for you.
Question 23 PointsTo decide this you need to consider these factors:
1)
2)
3)
4)
Ok, so now let’s look at the various forms of business.
Sole Proprietorships (read pp 508 – 510; pp 525 – 528)
A Sole Proprietorship is the simplest form of business organization. The owner IS the business. The owner reports his business income on his personal income tax return, and is personally liable for all debts of the business. This means that if the business has debts beyond the business assets, the owner’s personal assets (his home, car, savings, etc.,) are liable to pay the debts.
Question 33 PointsThis is the most common form of business organization. More than [A] of all businesses are sole proprietorships. These are typically small enterprises. About [B] % of sole proprietorships in the U.S. have revenues of less than $ [C] per year.
PromptsSubmitted AnswersQuestion 6A
Choose a match
Question 6B
Choose a match
Question 6C
Choose a match
Question 43 PointsAdvantages of a sole proprietorship. Discuss four advantages of a sole proprietorship discussed in your text:
Question 53 PointsDisadvantages of the Sole Proprietorship. Discuss three disadvantages of a sole proprietorship discussed in your text:
Being personally liable for the debts of the sole proprietorship is a serios disadvantage. Just ask Michael Sark, Sr. He operated a logging business as a sole proprietorship. To acquire equipment for the business, Sark (and his wife Paula) borrowed money from Quality Car