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ENTREPRENEURSHIP 2017 - Quiz Answer : Entrepreneurship and Effective Small Business Management, 11e (Scarborough) - Chapter 5

Entrepreneurship and Start Up

ENTREPRENEURSHIP 2017 - Quiz Answer and Case Study Guides

Entrepreneurship and Effective Small Business Management, 11e (Scarborough)

 

Entrepreneurship and Effective Small Business Management, 11e (Scarborough)

Chapter 5   Choosing a Form of Ownership

 

1) The key to choosing the "right" form of ownership is:

  1. A) knowing the cost factor in time and money.
  2. B) understanding how each form affects both business and personal circumstances.
  3. C) having an experienced attorney and accountant to advise you in the choice.
  4. D) the fact you cannot change the form of ownership once your company is established.

Answer:  B

Page Ref: 138

Topic:  Introduction

AACSB:  Analytic Skills

 

2) When choosing a form of ownership, the entrepreneur should realize that:

  1. A) it is difficult if not impossible to change forms of ownership once the company is established.
  2. B) the expense of changing forms of ownership makes it prohibitively expensive to change.
  3. C) the most common form of ownership is the partnership and is the least expensive to establish.
  4. D) he/she will most likely change the form of ownership as the company grows in size and revenues.

Answer:  D

Page Ref: 138

Topic:  Introduction

AACSB:  Analytic Skills

 

3) The most popular form of business ownership is the:

  1. A) sole proprietorship.
  2. B) partnership.
  3. C) corporation.
  4. D) S-corporation.

Answer:  A

Page Ref: 139

Topic:  Sole Proprietorship

AACSB:  Analytic Skills

 

4) Juan is starting a software writing company. He is the owner and has only 3 employees. He wants a simple inexpensive form of ownership that leaves him in control and that he can quickly dissolve if he decides to change to another business. His best choice of form of ownership would be:

  1. A) S-corporation.
  2. B) partnership.
  3. C) corporation.
  4. D) sole proprietorship.

Answer:  D

Page Ref: 139

Topic:  Sole Proprietorship

AACSB:  Reflective Thinking

5) Sole proprietorships characteristically are:

  1. A) fairly complex to create.
  2. B) subject to special legal restrictions.
  3. C) expensive to create.
  4. D) easy to discontinue.

Answer:  D

Page Ref: 142

Topic:  Sole Proprietorship: Easy to Discontinue

AACSB:  Analytic Skills

 

6) The most critical disadvantage of the sole proprietorship is:

  1. A) unlimited personal liability.
  2. B) limited access to capital.
  3. C) lack of continuity.
  4. D) limited skills and capacities of the owner.

Answer:  A

Page Ref: 142

Topic:  Sole Proprietorship: Unlimited Personal Liability

AACSB:  Analytic Skills

 

7) Which form of ownership generally has the least ability to accumulate capital?

  1. A) Partnership
  2. B) Sole proprietorship
  3. C) Corporation
  4. D) S-corporation

Answer:  B

Page Ref: 142

Topic:  Sole Proprietorship: Limited Access to Capital

AACSB:  Analytic Skills

 

8) While a sole proprietorship gives the owner maximum flexibility in running the business, it also:

  1. A) makes the company a prime target for an acquisition or merger.
  2. B) creates a sense of isolation.
  3. C) makes it difficult to hire management talent to help grow the business.
  4. D) makes it difficult to sell.

Answer:  B

Page Ref: 142

Topic:  Sole Proprietorship: Feelings of Isolation

AACSB:  Analytic Skills

 

 

9) Common ownership interest in a business, sharing profits (or losses) of a business, and the right to participate in managing the operations of the business are characteristics of a(n):

  1. A) corporation.
  2. B) sole proprietorship.
  3. C) partnership.
  4. D) S-corporation.

Answer:  C

Page Ref: 144

Topic:  Partnership

AACSB:  Analytic Skills

10) If a partnership is formed without an agreement, the partnership is automatically subject to the:

  1. A) Certification of Incorporation laws.
  2. B) Uniform Partnership Act.
  3. C) Limited Liability Company Act.
  4. D) Revised Uniform Limited Partnership Act.

Answer:  B

Page Ref: 144

Topic:  Partnership

AACSB:  Analytic Skills

 

11) Probably the most important feature of a partnership agreement is:

  1. A) that it identifies the name of the partnership.
  2. B) that it states the purpose and location of the business.
  3. C) that it determines how the partnership will pay taxes and fees.
  4. D) that it resolves potential sources of conflict.

Answer:  D

Page Ref: 144

Topic:  Partnership

AACSB:  Analytic Skills

 

12) Which of the following is true about the content of a standard partnership agreement?

  1. A) It does not specify how profits and losses will be distributed.
  2. B) It includes the Certificate of Incorporation.
  3. C) It specifies how the partnership may be dissolved and assets divided.
  4. D) While it specifies the location of the business and its purpose, it does not name the partners or their legal addresses in order to maintain privacy for the partners.

Answer:  C

Page Ref: 145

Topic:  Partnership

AACSB:  Analytic Skills

 

 

13) A partnership agreement sets how the partners will be compensated. Normally:

  1. A) partners are not entitled to salaries or wages, but are compensated by a share of the profits of the business.
  2. B) the general partner's salary is set at 2 times the salaries of the limited partners.
  3. C) both general and limited partners are permitted salaries, but all silent or dormant partners are compensated only by sharing in the profits.
  4. D) while the agreement establishes payout schedules, it does not spell out what constitutes profit.

Answer:  A

Page Ref: 146

Topic:  Partnership

AACSB:  Analytic Skills

14) The three key elements of any partnership are:

  1. A) common ownership in the business, sharing the business' profits or losses, and the right to participate in managing the business.
  2. B) equal ownership in the business, sharing its profits and losses, and the right to participate in managing the business.
  3. C) equal ownership in the business, sharing its profits and losses, and the right to limited liability for all partners.
  4. D) common ownership in the business, sharing its profits and losses, and the right to limited liability for all partners.

Answer:  A

Page Ref: 146

Topic:  Uniform Partnership Act

AACSB:  Analytic Skills

 

15) The Uniform Partnership Act outlines a number of general obligations that partners have such as the obligation to:

  1. A) give other partners complete information about all business affairs.
  2. B) share in the management and operation of the business.
  3. C) be compensated for personal expenses incurred.
  4. D) have access to the business's books and records.

Answer:  A

Page Ref: 146

Topic:  Uniform Partnership Act

AACSB:  Analytic Skills

 

16) All partnerships must have:

  1. A) at least three limited partners.
  2. B) no dormant partners.
  3. C) at least one general partner.
  4. D) at least one silent or money partner.

Answer:  C

Page Ref: 147

Topic:  Partnership: Ability to Attract Limited Partners

AACSB:  Analytic Skills

 

17) In her partnership, Ana has unlimited liability for the partnership's debts. She would be the ________ partner.

  1. A) limited
  2. B) dormant
  3. C) nominal
  4. D) general

Answer:  D

Page Ref: 147

Topic:  Partnership: Ability to Attract Limited Partners

AACSB:  Reflective Thinking

18) Partnerships have a number of advantages over other forms of ownership, such as:

  1. A) a larger pool of capital and little government regulation.
  2. B) very easy liquidation of owners' investment.
  3. C) limited liability for all partners.
  4. D) they may be easily formed by an individual.

Answer:  A

Page Ref: 147

Topic:  Partnership: Advantages of the Partnership

AACSB:  Analytic Skills

 

19) A partnership is:

  1. A) taxed like a corporation.
  2. B) not subject to the double taxation of some other forms of business.
  3. C) taxed at the lowest rate for an individual.
  4. D) taxed under capital gains laws as all profits are considered to come from appreciated assets.

Answer:  B

Page Ref: 147

Topic:  Partnership: Taxation

AACSB:  Analytic Skills

 

20) Antonio is a limited partner and is neither active nor generally openly associated with the firm. He is the ________ partner.

  1. A) limited
  2. B) secret
  3. C) honorary
  4. D) dormant

Answer:  D

Page Ref: 147

Topic:  Partnership: Limited Partners

AACSB:  Reflective Thinking

 

 

21) A significant disadvantage of a partnership is:

  1. A) the unlimited personal liability for all partners.
  2. B) the inability to attract either additional capital or new partners due to the complexity of rewriting the agreement.
  3. C) the difficulty of disposing a partnership interest without dissolving the partnership.
  4. D) the regulatory complexity under which a partnership must be formed and operated.

Answer:  C

Page Ref: 149

Topic:  Partnership: Difficulty in Disposing of Partnership Interest

AACSB:  Analytic Skills

 

22) Like a sole proprietorship, a partnership suffers from the disadvantage of:

  1. A) poor capital accumulation.
  2. B) limited liability for all owners.
  3. C) double taxation of profits.
  4. D) the complexity of regulations under which it must operate.

Answer:  A

Page Ref: 149

Topic:  Partnership: Capital Accumulation

AACSB:  Analytic Skills

23) In a partnership, each partner acts as a(n) ________ for the business.

  1. A) agent
  2. B) manager
  3. C) supporter
  4. D) guarantor

Answer:  A

Page Ref: 149

Topic:  Partnership

AACSB:  Analytic Skills

 

24) A limited partnership is a modification of a(n) ________ form of ownership.

  1. A) sole proprietorship
  2. B) general partnership
  3. C) corporation
  4. D) S-corporation

Answer:  B

Page Ref: 150

Topic:  Limited Partnerships

AACSB:  Analytic Skills

 

 

25) In a limited partnership, the limited partners are treated like ________ by the law.

  1. A) investors
  2. B) general partners
  3. C) sole proprietors
  4. D) honorary partners

Answer:  A

Page Ref: 150

Topic:  Limited Partnerships

AACSB:  Analytic Skills

 

26) In a limited partnership, limited partners are treated as:

  1. A) sole proprietors.
  2. B) investors.
  3. C) stakeholders.
  4. D) directors.

Answer:  B

Page Ref: 150

Topic:  Limited Partnerships

AACSB:  Analytic Skills

 

27) The ________ is the most complex form of ownership and is a separate legal entity in the eyes of the law.

  1. A) sole proprietorship
  2. B) partnership
  3. C) corporation
  4. D) joint venture

Answer:  C

Page Ref: 151

Topic:  The Corporation

AACSB:  Analytic Skills

28) The ________ is a separate legal entity apart from its owners and may engage in business, make contracts, sue and be sued, and pay taxes.

  1. A) sole proprietorship
  2. B) corporation
  3. C) partnership
  4. D) joint venture

Answer:  B

Page Ref: 151

Topic:  The Corporation

AACSB:  Analytic Skills

 

 

29) A corporation receives its authority to operate from:

  1. A) the federal government.
  2. B) the state.
  3. C) the board of certification.
  4. D) the stockholders.

Answer:  B

Page Ref: 151

Topic:  The Corporation

AACSB:  Analytic Skills

 

30) A corporation doing business in the state in which it is incorporated is considered to be a(n) ________ corporation.

  1. A) alien
  2. B) domestic
  3. C) foreign
  4. D) local

Answer:  B

Page Ref: 151

Topic:  The Corporation

AACSB:  Analytic Skills

 

31) The "Das Spelunker" corporation, formed in Germany and conducting business in the United States, is considered to be a(n) ________ corporation.

  1. A) alien
  2. B) domestic
  3. C) foreign
  4. D) local

Answer:  A

Page Ref: 151

Topic:  The Corporation

AACSB:  Reflective Thinking

 

32) Acme Corporation is chartered in Delaware, but its primary area of operation is in South Carolina. In South Carolina, Acme would be considered a(n) ________ corporation.

  1. A) alien
  2. B) domestic
  3. C) foreign
  4. D) local

Answer:  C

Page Ref: 151

Topic:  The Corporation

AACSB:  Reflective Thinking

 

33) Which of the following generally is not required by a Certificate of Incorporation?

  1. A) The names and the addresses of the incorporators
  2. B) A statement of the corporation's purpose
  3. C) A statement of how stock proceeds will be used
  4. D) The corporation's bylaws

Answer:  C

Page Ref: 151

Topic:  The Corporation: Requirements for Incorporation

AACSB:  Analytic Skills

 

34) The primary reason entrepreneurs choose to incorporate is because of:

  1. A) the corporation's ability to attract capital.
  2. B) the need to attract top quality management talent to grow the business.
  3. C) the lower tax rates inherent in the corporate form of ownership.
  4. D) the limited liability of stockholders.

Answer:  D

Page Ref: 152

Topic:  The Corporation: Advantages of the Corporation

AACSB:  Analytic Skills

 

35) The form of ownership with the greatest ability to accumulate capital is the:

  1. A) sole proprietorship.
  2. B) partnership.
  3. C) joint venture.
  4. D) corporation.

Answer:  D

Page Ref: 153

Topic:  Advantages of the Corporation: Ability to Attract Capital

AACSB:  Analytic Skills

 

36) The corporate form of ownership has a significant advantage in that:

  1. A) it is easy to transfer ownership.
  2. B) it has a lower tax rate than either partnerships or sole proprietorships.
  3. C) there is little cost to its formation.
  4. D) there is little regulatory oversight by the government.

Answer:  A

Page Ref: 154

Topic:  Advantages of the Corporation: Transferable Ownership

AACSB:  Analytic Skills

 

 

37) Which of the following is a disadvantage of the corporation form of ownership?

  1. A) An inability to accumulate capital
  2. B) The unlimited liability to the members of the board
  3. C) Double taxation on profits and individuals
  4. D) The lack of continuity

Answer:  C

Page Ref: 154

Topic:  Disadvantages of the Corporation: Double Taxation

AACSB:  Analytic Skills

38) Carlos founded the "Taco Factory" 20 years ago as a family-oriented restaurant business. Over the years as he grew the business, he incorporated and sold stock. Recently the stockholders voted to seek liquor licenses and sell beer and hard liquor in the restaurants. Carlos opposed this, citing the history of the restaurant's "family" environment, but was voted down. Carlos experienced which drawback of the corporate form of ownership?

  1. A) The inability to accumulate capital
  2. B) The potential for diminished managerial incentives
  3. C) Legal requirements and red tape
  4. D) The potential loss of control

Answer:  D

Page Ref: 155

Topic:  Disadvantages of the Corporation: Potential Loss of Control by the Founders

AACSB:  Reflective Thinking

 

39) This form of ownership is the same as a corporation in terms of legal characteristics even though Congress is considering legislation that would further simplify its formation and running. Its distinction from a corporation is made for federal income tax purposes only.

  1. A) S-corporation
  2. B) Master limited partnership
  3. C) Sole proprietorship
  4. D) Limited liability company

Answer:  A

Page Ref: 156

Topic:  The S-Corporation

AACSB:  Reflective Thinking

 

40) Jeff is forming a company. If he chooses a(n) ________ form of ownership, he can have no more than 100 stockholders and must have only one class of stock.

  1. A) partnership
  2. B) corporation
  3. C) S-corporation
  4. D) master limited partnership

Answer:  C

Page Ref: 156

Topic:  The S-Corporation

AACSB:  Reflective Thinking

 

41) An S-corporation form of ownership overcomes which disadvantage of the regular or "C" corporation form of ownership?

  1. A) The double taxation issue
  2. B) The expense and difficulty of formation
  3. C) The amount of regulation and red tape involved in its operation
  4. D) The potential loss of control by the founder

Answer:  A

Page Ref: 156

Topic:  Advantages of an S Corporation

AACSB:  Analytic Skills

42) An owner should choose an S-corporation form of ownership when he/she:

  1. A) has an established company that is suffering losses due to double taxation.
  2. B) is starting up a company and anticipating either net losses or high profits with large dividends.
  3. C) owns a company in which net profits before any compensation to shareholders are less than $100,000 per year.
  4. D) has an existing sole proprietorship and wants to lower the tax bill through deducting fringe benefits as business expenses.

Answer:  B

Page Ref: 157

Topic:  When is an S Corporation a Wise Choice?

AACSB:  Analytic Skills

 

43) The limited liability company is most like a(n):

  1. A) general partnership.
  2. B) master partnership.
  3. C) sole proprietorship.
  4. D) S-corporation.

Answer:  D

Page Ref: 157

Topic:  The Limited Liability Company

AACSB:  Analytic Skills

 

44) A limited liability company differs from an S-corporation in:

  1. A) that it is not subject to the same amount of restrictions.
  2. B) its ability to attract and accumulate capital.
  3. C) that ownership is not transferable through the sale of stock.
  4. D) that it is limited to only one class of stock.

Answer:  A

Page Ref: 157

Topic:  The Limited Liability Company

AACSB:  Analytic Skills

 

 

45) A limited liability company is formed under:

  1. A) a Certificate of Incorporation.
  2. B) a Partnership Agreement.
  3. C) Articles of Organization.
  4. D) the Revised Uniform Partnership Act.

Answer:  C

Page Ref: 157

Topic:  The Limited Liability Company

AACSB:  Analytic Skills

 

46) Which of the following is true about choosing a limited liability company form of ownership?

  1. A) It has no disadvantages except its newness.
  2. B) It is ideal for a new company but difficult to convert to with an existing company.
  3. C) It is inexpensive, easy to form, and covered by little regulation due to its newness.
  4. D) It's an excellent conversion vehicle for existing businesses that are suffering from double taxation but problematic for sole proprietorships.

Answer:  B

Page Ref: 158

Topic:  The Limited Liability Company

AACSB:  Analytic Skills

47) Traditionally, ________ were always set up as nonprofit corporations.

  1. A) businesses
  2. B) corporations
  3. C) social enterprises
  4. D) partnerships

Answer:  C

Page Ref: 160

Topic:  Social Enterprises

AACSB:  Analytic Skills

 

48) A ________ organization uses its revenues to pursue social value rather than create personal value for investors.

  1. A) business
  2. B) nonprofit
  3. C) venture
  4. D) corporate

Answer:  B

Page Ref: 161

Topic:  Nonprofit Organizations

AACSB:  Analytic Skills

 

 

49) One major advantage of the ________ is that once the owner has paid all of the company's expenses, he/she can keep the remaining profits (less taxes, of course).

  1. A) partnership
  2. B) corporation
  3. C) sole proprietorship
  4. D) limited liability company

Answer:  C

Page Ref: 142

Topic:  Sole Proprietorship: Advantages of a Sole Proprietorship

AACSB:  Analytic Skills

 

50) The ________ is a document that states in writing all of the terms of operating the partnership for the protection of each partner involved.

  1. A) Certificate of Incorporation
  2. B) Partnership Agreement
  3. C) Certificate for Conducting Business as Partners
  4. D) Partnership Document

Answer:  B

Page Ref: 144

Topic:  The Partnership

AACSB:  Analytic Skills

 

51) ________ partners are not active in a business but generally are known to be members of the partnership.

  1. A) Dormant
  2. B) General
  3. C) Silent
  4. D) Limited

Answer:  C

Page Ref: 147

Topic:  Advantages of the Partnership: Limited Partners

AACSB:  Analytic Skills

52) ________ corporations have shares that are controlled by a relatively small number of people—family members, relatives, or friends.

  1. A) Closely held
  2. B) Domestic
  3. C) Foreign
  4. D) Alien

Answer:  A

Page Ref: 151

Topic:  The Corporation

AACSB:  Analytic Skills

 

 

53) Shares the corporation itself owns are called:

  1. A) preferred stock.
  2. B) bonds.
  3. C) treasury stock.
  4. D) common stock.

Answer:  C

Page Ref: 152

Topic:  The Corporation: Requirements for Incorporation

AACSB:  Analytic Skills

 

54) To maintain control over their ownership, many closely held corporations exercise this right, known as:

  1. A) right of first refusal.
  2. B) right of refusal.
  3. C) control rights.
  4. D) corporate rights.

Answer:  A

Page Ref: 152

Topic:  The Corporation: Requirements for Incorporation

AACSB:  Analytic Skills

 

55) Corporations can also stimulate managers' and employees' incentive on the job by creating an ________ (ESOP).

  1. A) Entrepreneur Stock Ownership Plan
  2. B) Employee Stock Ownership Plan
  3. C) Employee Shares Ownership Plan
  4. D) Entrepreneur Shares Ownership Plan

Answer:  B

Page Ref: 154

Topic:  The Corporation: Potential for Diminished Managerial Incentives

AACSB:  Reflective Thinking

 

56) In a closely held corporation, one of the steps that should be taken to avoid legal difficulties is:

  1. A) hold annual meetings to elect officers and directors.
  2. B) make sure that the stockholders make all the major decisions.
  3. C) mingle corporate assets and the personal assets.
  4. D) None of the above

Answer:  A

Page Ref: 153

Topic:  The Corporation: Advantages of the Corporation

AACSB:  Analytic Skills

 

57) One disadvantage of the proprietorship is:

  1. A) it is the least regulated form of business ownership.
  2. B) limited personal liability.
  3. C) excessive access to capital.
  4. D) limited skills and abilities.

Answer:  D

Page Ref: 142

Topic:  The Sole Proprietorship: Disadvantages of the Sole Proprietorship

AACSB:  Analytic Skills

 

58) Which form of ownership is the least costly to form?

  1. A) Sole proprietorship
  2. B) Corporation
  3. C) Partnership
  4. D) Limited liability corporation

Answer:  A

Page Ref: 140

Topic:  The Sole Proprietorship: Advantages of the Sole Proprietorship

AACSB:  Analytic Skills

 

59) The ________ is a document that states in writing all of the terms of operating a business among the partners.

  1. A) Sole Proprietorship Agreement
  2. B) Articles of Corporations
  3. C) Partnership Agreement
  4. D) Limited Liability Corporation Agreement

Answer:  C

Page Ref: 144

Topic:  Partnership

AACSB:  Analytic Skills

 

60) The ________ codifies the body of law dealing with partnerships in the United States.

  1. A) Small Business Partnership Agreement
  2. B) Uniform Partnership Act (UPA)
  3. C) Partnership Agreement
  4. D) None of the above

Answer:  B

Page Ref: 144

Topic:  Partnership

AACSB:  Analytic Skills

 

 

61) Complementary skills refers to:

  1. A) the sole proprietorship skills.
  2. B) partner's skills that complement one another.
  3. C) complementary skills offered by the employees.
  4. D) None of the above

Answer:  B

Page Ref: 146

Topic:  Advantages of the Partnership

AACSB:  Analytic Skills

62) Which type of ownership is not subject to federal taxation?

  1. A) Sole proprietorship
  2. B) Corporations
  3. C) Partnership
  4. D) Limited liability corporation

Answer:  C

Page Ref: 147

Topic:  Advantages of the Partnership

AACSB:  Analytic Skills

 

63) Corporations that are formed in other countries but do business in the United States are:

  1. A) international partnerships.
  2. B) domestic corporations.
  3. C) foreign corporations.
  4. D) alien corporations.

Answer:  D

Page Ref: 151

Topic:  Corporations

AACSB:  Analytic Skills

 

64) ________ have shares that are controlled by a relatively small number of people, often family members, relatives, or friends.

  1. A) International partnerships
  2. B) Publicly traded corporations
  3. C) Closely held corporations
  4. D) Privately held corporations

Answer:  C

Page Ref: 151

Topic:  Corporations

AACSB:  Analytic Skills

 

 

65) Shares the corporation itself owns are called:

  1. A) treasury stock.
  2. B) common stock.
  3. C) preferred stock.
  4. D) bonds.

Answer:  A

Page Ref: 152

Topic:  The Corporation: Requirements for Incorporation

AACSB:  Analytic Skills

 

66) A distinct disadvantage of the corporate form of ownership is:

  1. A) treasury stock.
  2. B) double taxation.
  3. C) stockholder's liability.
  4. D) All of the above

Answer:  B

Page Ref: 154

Topic:  Corporations

AACSB:  Analytic Skills

67) Bylaws are the rules and regulations the officers and directors establish for the corporation's internal management and operation.

Answer:  TRUE

Page Ref: 152

Topic:  Corporations

AACSB:  Analytic Skills

 

68) If stockholders in a corporation are displeased with the business's progress, they can sell their shares to someone else.

Answer:  TRUE

Page Ref: 154

Topic:  Corporations

AACSB:  Analytic Skills

 

69) A corporation can sell its stock to a limited number of private investors in a private placement.

Answer:  TRUE

Page Ref: 153

Topic:  Corporations

AACSB:  Analytic Skills

 

70) Closely held corporations have shares that are controlled by a relatively small number of people, often family members, relatives, or friends.

Answer:  TRUE

Page Ref: 151

Topic:  Corporations

AACSB:  Analytic Skills

 

71) An LLP does pay taxes as a corporation and its income is not passed through to the limited partners.

Answer:  FALSE

Page Ref: 151

Topic:  Limited Liability Partnership

AACSB:  Analytic Skills

 

72) Silent partners are active in a business but generally are known to be members of the partnership.

Answer:  FALSE

Page Ref: 147

Topic:  Partnership

AACSB:  Analytic Skills

 

73) By choosing certain forms of ownership, an entrepreneur does not give up some control over the company.

Answer:  FALSE

Page Ref: 138

Topic:  Introduction

AACSB:  Analytic Skills

 

74) The form of ownership can impact an entrepreneur's ability to raise start-up capital.

Answer:  TRUE

Page Ref: 138

Topic:  Introduction

AACSB:  Analytic Skills

75) One of the first and most fundamental decisions an entrepreneur faces is choosing a form of ownership.

Answer:  TRUE

Page Ref: 138

Topic:  Introduction

AACSB:  Analytic Skills

 

76) Factors an entrepreneur should consider when choosing a form of ownership should include but not be limited to: tax considerations, liability exposure, business goals, managerial ability, etc.

Answer:  TRUE

Page Ref: 138

Topic:  Introduction

AACSB:  Analytic Skills

 

 

77) While there are many forms of ownership, the three major forms are: proprietorship, partnership, and S-corporation.

Answer:  FALSE

Page Ref: 139

Topic:  Introduction

AACSB:  Analytic Skills

 

78) The sole proprietorship is the simplest and least expensive form of ownership to begin.

Answer:  TRUE

Page Ref: 139

Topic:  Sole Proprietorship

AACSB:  Analytic Skills

 

79) While the sole proprietorship is the easiest type of business to get into, it is the most heavily regulated.

Answer:  FALSE

Page Ref: 142

Topic:  Sole Proprietorship

AACSB:  Analytic Skills

 

80) In a sole proprietorship, the owner has limited liability.

Answer:  FALSE

Page Ref: 142

Topic:  Sole Proprietorship

AACSB:  Analytic Skills

 

81) If a sole proprietorship fails, the owner is not liable for its debts since the business is a separate legal entity.

Answer:  FALSE

Page Ref: 142

Topic:  Sole Proprietorship

AACSB:  Analytic Skills

82) One of the advantages of a sole proprietorship is that skills and capabilities are unlimited because you, as sole proprietor, are able to assume all of these responsibilities.

Answer:  FALSE

Page Ref: 142

Topic:  Sole Proprietorship: Disadvantages of a Sole Proprietorship

AACSB:  Analytic Skills

 

83) The sole proprietorship has the least ability to accumulate capital.

Answer:  TRUE

Page Ref: 142

Topic:  Disadvantages of a Sole Proprietorship: Limited Access to Capital

AACSB:  Analytic Skills

 

 

84) When the owner of a sole proprietorship dies, the business automatically terminates.

Answer:  TRUE

Page Ref: 142

Topic:  Disadvantages of a Sole Proprietorship: Lack of Continuity for the Business

AACSB:  Analytic Skills

 

85) The most popular form of ownership in the United States is the partnership.

Answer:  FALSE

Page Ref: 139

Topic:  Introduction

AACSB:  Analytic Skills

 

86) Perhaps the most important feature of a partnership agreement is its ability to resolve potential sources of conflict among partners.

Answer:  TRUE

Page Ref: 144

Topic:  The Partnership

AACSB:  Analytic Skills

 

87) If a partnership agreement does not exist, the partnership will be governed by the Uniform Partnership Act.

Answer:  TRUE

Page Ref: 146

Topic:  The Partnership: The Uniform Partnership Act

AACSB:  Analytic Skills

 

88) The terms of a partnership agreement are legally binding even if some of the items are illegal.

Answer:  FALSE

Page Ref: 145

Topic:  The Partnership

AACSB:  Analytic Skills

 

89) In a partnership, profits (and losses) are shared according to any ratio stated in the articles of partnership.

Answer:  TRUE

Page Ref: 145

Topic:  The Partnership

AACSB:  Analytic Skills

90) Partnership agreements do not cover how to dissolve a partnership or sell a partnership interest.

Answer:  FALSE

Page Ref: 145

Topic:  The Partnership

AACSB:  Analytic Skills

 

91) The Uniform Partnership Act covers three elements of a partnership; the common ownership interest, sharing profits or losses, and management participation rights.

Answer:  TRUE

Page Ref: 146

Topic:  Uniform Partnership Act

AACSB:  Analytic Skills

 

92) There is no legal limit to the number of general partners a partnership must have, but it must have one.

Answer:  TRUE

Page Ref: 147

Topic:  Advantages of the Partnership: Ability to Attract Limited Partners

AACSB:  Analytic Skills

 

93) A limited partner is liable only for the amount he has invested in the business.

Answer:  TRUE

Page Ref: 147

Topic:  Advantages of the Partnership: Limited Partners

AACSB:  Analytic Skills

 

94) A limited partner does not have the right to manage the business in any way and still maintain limited status.

Answer:  TRUE

Page Ref: 147

Topic:  Advantages of the Partnership: Limited Partners

AACSB:  Analytic Skills

 

95) One of the advantages of a partnership over a proprietorship is the increased sources of capital and credit it offers.

Answer:  TRUE

Page Ref: 147

Topic:  Advantages of the Partnership: Larger Pool of Capital

AACSB:  Analytic Skills

 

96) The partnership, like the proprietorship, avoids the disadvantage of double taxation.

Answer:  TRUE

Page Ref: 147

Topic:  Advantages of the Partnership: Taxation

AACSB:  Analytic Skills

 

97) In a partnership, the general partner(s) share their unlimited liability for the business debts with both silent and dormant partners.

Answer:  FALSE

Page Ref: 149

Topic:  Disadvantages of the Partnership: Unlimited Liability....

AACSB:  Analytic Skills

98) Each partner is an agent for the business and can legally bind other partners to business agreements.

Answer:  TRUE

Page Ref: 149

Topic:  Disadvantages of the Partnership: Partners are Bound by the Law of Agency

AACSB:  Analytic Skills

 

99) A partnership cannot be dissolved except in the case of the general partner's expressed wish that the partnership cease.

Answer:  FALSE

Page Ref: 149

Topic:  Disadvantages of the Partnership: Partners are Bound by the Law of Agency

AACSB:  Analytic Skills

 

100) In a limited partnership, the "limited partner" is primarily an investor and can lose only the amount invested in the business.

Answer:  TRUE

Page Ref: 150

Topic:  Limited Partnerships

AACSB:  Analytic Skills

 

101) A partner cannot legally bind the other partners to a business agreement.

Answer:  FALSE

Page Ref: 149

Topic:  Disadvantages of the Partnership: Partners are Bound by the Law of Agency

AACSB:  Analytic Skills

 

102) A foreign corporation is one chartered in a foreign country.

Answer:  FALSE

Page Ref: 151

Topic:  The Corporation

AACSB:  Analytic Skills

 

103) A corporation formed and chartered in Kansas is considered a domestic corporation when doing business in Kansas.

Answer:  TRUE

Page Ref: 151

Topic:  The Corporation

AACSB:  Analytic Skills

 

104) Most states do not require a Certificate of Incorporation or a charter to be filed.

Answer:  FALSE

Page Ref: 151

Topic:  The Corporation: Requirements for Incorporation

AACSB:  Analytic Skills

 

 

105) Stockholders in the corporation have the same kind of liability as do general partners in a partnership.

Answer:  FALSE

Page Ref: 152

Topic:  Advantages of the Corporation: Limited Liability of Stockholders

AACSB:  Analytic Skills

106) Ownership of a corporation can easily be transferred through the sale of stock. 

Answer:  TRUE

Page Ref: 154

Topic:  Advantages of the Corporation: Ability to Continue Indefinitely

AACSB:  Analytic Skills

 

107) To avoid becoming liable for corporate actions, officers should ensure that they hold annual meetings, keep minutes of those meetings, make sure the board of directors makes all decisions, etc.

Answer:  TRUE

Page Ref: 152

Topic:  The Corporation: Requirements for Incorporation

AACSB:  Analytic Skills

 

108) "Double taxation" refers to the fact that the corporation itself must pay taxes on its net profits, and the stockholders must also pay taxes on the portion of those same profits distributed to them as dividends.

Answer:  TRUE

Page Ref: 154

Topic:  Disadvantages of the Corporation: Double Taxation

AACSB:  Analytic Skills

 

109) Owners/founders can be minority stockholders in a corporation but never lose their final authority or control over business decisions because they are the owners.

Answer:  FALSE

Page Ref: 155

Topic:  Disadvantages of the Corporation: Potential Loss of Control by the Founders

AACSB:  Analytic Skills

 

110) An S-corporation maintains the advantages of the corporate form of ownership while having the ability to be taxed as a partnership.

Answer:  TRUE

Page Ref: 156

Topic:  The S-Corporation

AACSB:  Analytic Skills

 

 

111) The LLC operating agreement is similar to a corporation's bylaws.

Answer:  TRUE

Page Ref: 158

Topic:  The Limited Liability Company

AACSB:  Analytic Skills

 

112) An S-corporation can issue both voting and non-voting common stock to its shareholders.

Answer:  TRUE

Page Ref: 156

Topic:  The S-Corporation

AACSB:  Analytic Skills

113) Like "C" corporations, S-corporations must pay taxes on any assets that have appreciated in value and are sold.

Answer:  FALSE

Page Ref: 156

Topic:  Advantages of an S Corporation

AACSB:  Analytic Skills

 

114) S-corporation status usually benefits start-up companies anticipating losses, and highly profitable firms with substantial dividends to pay out to shareholders.

Answer:  TRUE

Page Ref: 156

Topic:  Advantages of an S Corporation

AACSB:  Analytic Skills

 

115) Small companies that anticipate net losses are ideally suited for S-corporation status.

Answer:  TRUE

Page Ref: 157

Topic:  The S-Corporation

AACSB:  Analytic Skills

 

116) A "limited liability company" is legally treated just like a limited partnership.

Answer:  FALSE

Page Ref: 157

Topic:  Limited Liability Company

AACSB:  Analytic Skills

 

117) It is relatively easy and inexpensive to convert existing businesses into LLCs.

Answer:  FALSE

Page Ref: 158

Topic:  Limited Liability Company

AACSB:  Analytic Skills

 

 

118) Traditionally, social enterprises were always established as for-profit corporations.

Answer:  FALSE

Page Ref: 160

Topic:  Social Enterprises

AACSB:  Analytic Skills

 

119) A nonprofit organization uses its revenues to pursue social value rather than to create personal value for investors.

Answer:  TRUE

Page Ref: 161

Topic:  Nonprofit Organizations

AACSB:  Analytic Skills

 

120) If the partners fail to create an agreement, the UPA says that the partners share equally in the partnership's profits, even if their original capital contributions are unequal.

Answer:  TRUE

Page Ref: 146

Topic:  The Partnership: The Uniform Partnership Act

AACSB:  Analytic Skills

121) The Supreme Court has defined a partnership as "an artificial being, invisible, intangible, and existing only in contemplation of the law."

Answer:  FALSE

Page Ref: 151

Topic:  The Corporation

 

122) Failing to keep corporate and personal funds separate is most often a problem in closely held corporations.

Answer:  TRUE

Page Ref: 151

Topic:  The Corporation

 

123) An S-corporation can have more than 75 shareholders.

Answer:  FALSE

Page Ref: 87

Topic:  The S-Corporation

 

124) The Internal Revenue Service requires partnerships to designate one person to be responsible for handling the partnership's tax matters.

Answer:  TRUE

Page Ref: 145

Topic:  The Partnership

 

 

125) In most cases of sole proprietorship, an entrepreneur can complete all of the necessary paperwork in a single day!

Answer:  TRUE

Page Ref: 140

Topic:  The Sole Proprietorship

 

126) There are no restrictions on how partners distribute the company's profits as long as they are consistent with the partnership agreement and do not violate the rights of any partner.

Answer:  TRUE

Page Ref: 144

Topic:  The Partnership

 

127) If a limited partner spent more than 500 hours in the company, he/she will be treated as general partner and will lose their limited liability protection.

Answer:  TRUE

Page Ref: 147

Topic:  The Partnership

 

128) The corporation, like the proprietorship, avoids the "double taxation" disadvantage associated with the partnership form of ownership.

Answer:  FALSE

Page Ref: 154

Topic:  The Corporation

 

129) Partners can make provisions in the partnership agreement to avoid dissolution due to death only if all parties agree to accept as partners those who inherit the deceased's interest.

Answer:  TRUE

Page Ref: 144

Topic:  The Partnership

130) Like a proprietorship or partnership, in which the death of a founder ends the business, the corporation doesn't live beyond the lives of those who gave it life.

Answer:  FALSE

Page Ref: 154

Topic:  The Corporation

 

131) Unlike a limited partnership, which prohibits limited partners from participating in day-to-day management of the business, an LLC does not restrict its members' ability to become involved in managing the company.

Answer:  TRUE

Page Ref: 157

Topic:  The Limited Liability Company

 

 

132) What are the nine general factors an entrepreneur should consider when choosing the form of small business ownership? List and explain at least six of them.

Answer:  The key to choosing the "right" form of ownership is to understand characteristics of each form and know how they affect an entrepreneur's personal and business circumstances.  Factors to consider include tax implications, liability expense, start-up and future capital requirements, control, managerial ability, business goals, management succession plans, and cost of formation.

Page Ref: 138

Topic:  Introduction

AACSB:  Communication

 

133) Why would an entrepreneur choose a sole proprietorship? What drawbacks should be considered?

Answer:  A sole proprietorship is a business owned and managed by one individual and is the most popular form of ownership.  Sole proprietorships offer these advantages:  Simple to create; Least costly to begin; Owner has total decision-making authority; No special reporting requirement or legal restriction; Easy to discontinue.   Sole proprietorships suffer from these disadvantages: Unlimited personal liability of owner; Limited managerial skills and capabilities; Limited access to capital; Lack of continuity.

Page Ref: 139-142

Topic:  The Sole Proprietorship

AACSB:  Reflective Thinking

 

134) Identify what items are included in a standard partnership agreement.

Answer:  A partnership agreement will likely include the following information:

  1. Name of the partnership.
  2. Purpose of the business. What is the reason the partners created the business?
  3. Location of the business.
  4. Duration of the partnership. How long will the partnership last?
  5. Names of the partners and their legal addresses.
  6. Contributions of each partner to the business, at the creation of the partnership and later. This would include each partner's investment in the business. Experience, sales contacts, or a good reputation in the community may be some reasons for asking a person to join a partnership.
  7. Agreement on how the profits or losses will be distributed.
  8. Agreement on salaries or drawing rights against profits for each partner.
  9. Procedure for expansion through the addition of new partners.
  10. Distribution of the partnership's assets if the partners voluntarily dissolve the partnership.
  11. Sale of the partnership interest. How and to whom can partners sell their interests in the business?
  12. Absence or disability of one of the partners. If a partner is absent or disabled for an extended period of time, should the partnership continue?
  13. Voting rights. In many partnerships, partners have unequal voting power.
  14. Decision-making authority. When can partners make decisions on their own, and when must other partners be involved?
  15. Financial authority. Which partners are authorized to sign checks, and how many signatures are required to authorize bank transactions?
  16. Handling tax matters. The Internal Revenue Service requires partnerships to designate one person to be responsible for handling the partnership's tax matters.
  17. Alterations or modifications of the partnership agreement.

Page Ref: 145

Topic:  The Partnership

AACSB:  Communication

 

135) What advantages does a partnership offer the entrepreneur over forming a sole proprietorship?

Answer:  Division of profits; Large pool of capital available; Ability to attract limited partners; Little government regulation; Flexibility; Tax advantages. 

Page Ref: 146-147

Topic:  Advantages of the Partnership

AACSB:  Reflective Thinking

 

136) What are the pluses and minuses for the owners of a company in choosing to incorporate their business?

Answer:  A limited partnership operates like any other partnership except that it allows limited partners—primary investors who cannot take an active role in managing the business—to become owners without subjecting themselves to unlimited personal liability of the company's debts.  A corporation is a separate legal entity and the most complex of the three basic forms of ownership.  To form a corporation an entrepreneur must file the articles of incorporation with the state in which the company will incorporate.  Corporations offer these advantages:  Limited liability of stockholders; Ability to attract capital; Ability to continue indefinitely; and Transferable ownership.  Corporations suffer from these disadvantages:   Cost and time of incorporating; Double taxation; Potential for diminished managerial incentives; Legal requirement and regulatory red tape; Potential loss of control by the founders.

Page Ref: 151-155

Topic:  The Corporation

AACSB:  Reflective Thinking

 

137) Why would someone choose an S-corporation? Discuss who can, how it is done, how it is different from or similar to other types of corporations, and its advantages and disadvantages.

Answer:  An S-corporation offers its owners limited liability protection but avoids the double taxation of "C" corporations.

Page Ref: 156

Topic:  The S-Corporation

AACSB:  Reflective Thinking

 

138) What is a limited liability company (LLC) and why would an entrepreneur choose it as a form of ownership?

Answer:  A limited liability company (LLC), like an S-corporation, is a cross between a partnership and a corporation and offers many of the advantages of each. However, it operates without the restrictions imposed on an S-corporation. To create an LLC, an entrepreneur must file the articles of organization and the operating agreement with the secretary of state.

Page Ref: 157-158

Topic:  The Limited Liability Company

AACSB:  Reflective Thinking

 

139) What are for-profit social ventures?  What is meant by their "double bottom line focus?

Answer:  Many social entrepreneurs are forgoing nonprofit status and setting up their organizations as traditional corporations or LLCs. Although their primary goal is creating social value, the profit structure requires them to have a focus on the double bottom line—both social and financial objectives.

Page Ref: 162

Topic:  For-Profit Social Ventures

AACSB:  Reflective Thinking

 

 

 

 

 

-----
Entrepreneurship: Starting and Operating A Small Business, 4th Edition, 2016, Steve Mariotti
Entrepreneurship: Successfully Launching New Ventures, 5th Edition, 2016, Bruce R. Barringer
Essentials of Entrepreneurship and Small Business Management, 8th Edition, 2016, Norman M. Scarborough
Fundamentals for Becoming a Successful Entrepreneur: From Business Idea to Launch and Management, 2016, Malin Brannback, Alan Carsrud
Entrepreneurship and Effective Small Business Management, 11th Edition, 2015, Norman M. Scarborough

------
PART 1: Decision to Become an Entrepreneur
1. Introduction to Entrepreneurship
PART 2: Developing Successful Business Ideas
3. Feasibility Analysis
4. Developing an Effective Business Model
5. Industry and Competitor Analysis
6. Writing a Business Plan
PART 3: Moving from an Idea to an Entrepreneurial Firm
7. Preparing the Proper Ethical and Legal Foundation
8. Assessing a New Venture’s Financial Strength and Viability
9. Building a New-Venture Team
10. Getting Financing or Funding
PART 4: Managing and Growing an Entrepreneurial Firm
11. Unique Marketing Issues
12. The Importance of Intellectual Property
13. Preparing for and Evaluating the Challenges of Growth
14. Strategies for Firm Growth
15. Franchising

------
PART I. STARTING THE PROCESS
Chapter 1. Why Plan?
PART II. WHAT TO DO BEFORE THE BUSINESS PLAN IS WRITTEN
Chapter 2. Developing and Screening Business Ideas
Chapter 3. Feasibiity Analysis
PART III. PREPARING A BUSINESS PLAN
Chapter 4. Introductory Material, Executive Summary, and Description of the Business
Chapter 5. Industry Analysis
Chapter 6. Market Analysis
Chapter 7. Marketing Plan
Chapter 8. Management Team and Company Structure
Chapter 9. Operations Plan and Product (or Service) Design and Development Plan
Chapter 10. Financial Projections
PART IV. PRESENTING THE BUSINESS PLAN
Chapter 11. Presenting the Plan with Confidence

------
BRIEF CONTENTS
UNIT 1 Entrepreneurial Pathways
Chapter 1 Entrepreneurs Recognize Opportunities
Chapter 2 Franchising
Chapter 3 Finding Opportunity in an Existing Business
Chapter 4 The Business Plan: Road Map to Success
Honest Tea Business Plan
Unit 1 Case Study: Spanx
UNIT 2 Who Are Your Customers?
Chapter 5 Creating Business from Opportunity
Chapter 6 Exploring Your Market
Unit 2 Case Study: Kitchen Arts & Letters, Inc.
UNIT 3 Integrated Marketing
Chapter 7 Developing the Right Marketing Mix and Plan
Chapter 8 Pricing and Credit Strategies
Chapter 9 Integrated Marketing Communications
Chapter 10 Marketing Globally
Chapter 11 Smart Selling and Effective Customer Service
Unit 3 Case Study: Empact
UNIT 4 Show Me the Money: Finding, Securing, and Managing It
Chapter 12 Understanding and Managing Start-Up, Fixed, and Variable Costs
Chapter 13 Using Financial Statements to Guide a Business
Chapter 14 Cash Flow and Taxes
Chapter 15 Financing Strategy: Debt, Equity, or Both?
Unit 4 Case Study: Lee’s Ice Cream
UNIT 5 Operating a Small Business Effectively
Chapter 16 Addressing Legal Issues and Managing Risk
Chapter 17 Operating for Success
Chapter 18 Location, Facilities, and Layout
Chapter 19 Human Resources and Management
Unit 5 Case Study: ONLC
UNIT 6 Leadership, Ethics, and Exits
Chapter 20 Leadership and Ethical Practices
Chapter 21 Franchising, Licensing, and Harvesting: Cashing in Your Brand
Unit 6 Case Study: Honest Tea
Appendix 1 Sample Student Business Plan: University Parent, Inc.
Appendix 2 BizBuilder Business Plan
Appendix 3 Resources for Entrepreneurs
Appendix 4 Useful Formulas and Equations
------
Section 1: The Rewards and Challenges of Entrepreneurship
1. Entrepreneurs: The Driving Force Behind Small Business
2. Ethics and Social Responsibility: Doing the Right Thing
3. Creativity and Innovation: Keys to Entrepreneurial Success
4. Strategic Management and the Entrepreneur
Section 2: Launching a Venture: Entry Strategies
5. Choosing a Form of Ownership
6. Franchising and the Entrepreneur
7. Buying an Existing Business
8. New Business Planning Process: Feasibility Analysis, Business Modeling, and Crafting a Winning Business Plan
Section 3: Building a Marketing Plan
9. Building a Bootstrap Marketing Plan
10. Creative Use of Advertising and Promotion
11. Pricing and Credit Strategies
12. Global Marketing Strategies
13. E-Commerce and Entrepreneurship
Section 4: Building a Financial Plan
14. Creating a Solid Financial Plan
15. Managing Cash Flow
16. Sources of Equity Financing
17. Sources of Debt Financing
Section 5: Building an Operating Plan
18. Location, Layout, and Physical Facilities
19. Supply Chain Management
20. Managing Inventory
21. Staffing and Leading a Growing Company
Section 6: Legal Aspects of Small Business: Succession, Ethics, and Government Regulation
22. Management Succession and Risk Management Strategies in the Family Business
23. The Legal Environment: Business Law and Government Regulation
------
Section I: The Challenge of Entrepreneurship 
1. The Foundations of Entrepreneurship
2. Ethics and Social Responsibility: Doing the Right Thing
3. Inside the Entrepreneurial Mind: From Ideas to Reality
Section II: The Entrepreneurial Journey Begins
4. Conducting a Feasibility Analysis and Designing a Business Model
5. Crafting a Business Plan and Building a Solid Strategic Plan
6. Forms of Business Ownership and Buying an Existing Business
7. Franchising and the Entrepreneur
Section III: Launching the Business
8. Building a Powerful Bootstrap Marketing Plan
9. E-commerce and the Entrepreneur
10. Pricing and Credit Strategies
11. Creating a Successful Financial Plan
12. Managing Cash Flow
Section IV: Putting the Business Plan to Work: Sources of Funds
13. Sources of Financing: Equity and Debt
14. Choosing the Right Location and Layout
15. Global Aspects of Entrepreneurship
16. Building a New Venture Team and Planning the Next Generation
------

 

ENTREPRENEURSHIP 2017 - NEW COLLECTION 2016 - 2017

1. Youtube Playlist: See the collection of videos - www.youtube.com/ecomftu2012

2. Download Power Point Slides Free

Entrepreneurship: Starting and Operating A Small Business, 4th Edition, 2016, Steve Mariotti - LINK
Entrepreneurship: Successfully Launching New Ventures, 5th Edition, 2016, Bruce R. Barringer  - LINK
Essentials of Entrepreneurship and Small Business Management, 8th Edition, 2016, Norman M. Scarborough - LINK
Fundamentals for Becoming a Successful Entrepreneur: From Business Idea to Launch and Management, 2016, Malin Brannback - LINK
Entrepreneurship and Effective Small Business Management, 11th Edition, 2015, Norman M. Scarborough - LINK

 

For Test Bankz, Quiz Answers and Case study Guides, email toThis email address is being protected from spambots. You need JavaScript enabled to view it.

Good Luck and Success, Enjoy Your Study !

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