2. Legal Aspects of Business The ‘Plan’ Vocabulary Characteristics Marketing 20 Points 30 Points 40 Points 50 Points 20 Points 30 Points 40 Points 50 Points 30 Points 40 Points 50 Points What is an economy He appointed judges to settle disputes 10 Point Knowing why Fred and Bill came home late 10 Point King Hussein of Jordan stayed home 10 Point Stock purchase 24 ATT stocks 10 Point An Accountant after 4/15 10 Point Human bait 10 Point

3. A business owned by a single individual Sole Proprietorship

4. The biggest benefit is a shield from personal liability Corporation

5. The corporation lives on even if the president dies Perpetual existence

6. LLC or limited liability company Like a corporation except fewer reporting requirements and formalities

7. The sole rights consist of sharing in the profits Limited Partnership

8. It describes the purpose of the company Mission statement

9. Ownership and legal structure are found in this section Introduction

10. This section includes the mission statement and is rewritten in the end Executive Summary

11. A clear description of the industry appears here Marketing section

12. The type of business would be found here Introduction or Company Description

13. Limited resources describe this scarcity

14. In this economy, government determines what and how to sell goods Command economy

15. In this economy, people decide what goods and services are produced Market economy

16. The level of output from each worker productivity

17. 1d These forces control the market Supply and demand

18. They produce 13 times more patents per employee than large patenting firms Entrepreneurs

19. 2d A business owned by two or more people Partnership

20. 4d Owners of a corporation stockholders

21. A company that does not offer its shares of stock for public sale Close corporation

22. A type of business based on reselling a product Wholesaling

23. 1e Of the five characteristics of entrepreneurs-the most important attribute is… drive

24. 3e This characteristic includes creativity and analytical abilities Thinking ability

25. 3e The aptitude toward human relations translates into… Ability to motivate others

26. Entrepreneurs must be able to evaluate competition and make decisions. This skill is… Management

27. 4e Biggest disadvantage of being an entrepreneur Could lose all your money-risk

28. You basically are delivering the product selling

29. Of the 4 P’s of Marketing, with this one, you are advertising Promotion

30. With this “P” Rte. 11-15 might be crucial Place (location)

31. I want everyone to recognize my business logo

32. Packaging is what part of the Marketing mix? Promotion

33. HOW to sell your product, such as through brochures or in community groups, is called … Marketing Strategy

34. Make your wager

35. Final Answer