Module 9

Question 1

is defined as a privately owned corporation, partnership, or sole proprietorship that has fewer employees and less annual revenue than a corporation or regular-sized business.

Answer 1

small business

Question 2

Small business have their own distinctive characteristics. They are the following:

Answer 2

1. independent management
2. small capital requirement
3. mostly local operation

Question 3

The owner is also the manager

Answer 3

independent management

Question 4

Small business requires only the small capital and this can be supplied by a single or few individuals

Answer 4

small capital requirement

Question 5

Small business usually operates in a certain locality although there are cases when the market is not confirmed to a local area.

Answer 5

mostly local operation

Question 6

Advantage of Operating a Small Business

Answer 6

1) Be an employee
2) Be a professional
3) Be a small business operator (SBO)

Question 7

Types of Small Business

Answer 7

sole proprietorship
partnership
corporation
cooperative

Question 8

is easy to form and gives you complete control of your business. You’re automatically considered to be a sole proprietorship if you do business activities but don’t register as any other kind of businessq

Answer 8

sole proprietorship

Question 9

are the simplest structure for two or more people to own a business together. There are two common kinds of partnerships: limited partnerships (LP) and limited liability partnerships (LLP).

Answer 9

partnership

Question 10

exists when two or more partners go into business together, but one or more of the partners are only liable up to the amount of their investment.

Answer 10

limited partnership

Question 11

allow for a partnership structure where each partner’s liabilities is limited to the amount they put into the business.

Answer 11

limited liability partnership

Question 12

lets you take advantage of the benefits of both the corporation and partnership business structures.

Answer 12

liability company

Question 13

is a legal entity that’s separate from its owners. Corporations can make a profit, be taxed, and can be held legally liable.

Answer 13

c corporation

Question 14

is a special type of corporation that’s designed to avoid the double taxation drawback of regular C corps. S corps allow profits, and some losses, to be passed through directly to owners’ personal income without ever being subject to corporate tax rates.

Answer 14

s corporation

Question 15

is a for-profit corporation recognized by a majority of U.S. states. B corps are different from C corps in purpose, accountability, and transparency, but aren’t different in how they’re taxed.

Answer 15

b corporation

Question 16

resemble B corps but have a less traditional corporate structure. These shed many formalities that typically govern corporations and apply to smaller companies.

Answer 16

close corporation

Question 17

are organized to do charity, education, religious, literary, or scientific work. Because their work benefits the public, nonprofits can receive tax-exempt status, meaning they don’t pay state or federal taxes income taxes on any profits it makes.

Answer 17

non-profit corporation

Question 18

is a business or organization owned by and operated for the benefit of those using its services. Profits and earnings generated by the cooperative are distributed among the members, also known as user-owners

Answer 18

cooperative

Question 19

Five qualities of successful small business owners

Answer 19

1. proactive communication
2. Impeccable organization
3. Constant learning
4. Strategic planning
5. Language skills

Question 20

Is assertive, honest, and focused on objectives. It keeps the project manager in front of the curve, enabling teamwork, effective decisions, and accountability throughout the project.

Answer 20

proactive communication

Question 21

A desire to learn can help you continually evolve. Reading books and other publications, growing your business network, and seeking mentors can all provide learning opportunities that you can take back to your business. In addition, looking at other companies’ successes and failures can help you learn valuable business lessons.

Answer 21

constant learning

Question 22

The bigger the project, the more important it is to be organized.

Answer 22

impeccable organization

Question 23

is an organizational management activity that is used to set priorities, focus energy and resources, strengthen operations, ensure that employees and other stakeholders are working toward common goals, establish agreement around intended outcomes/results, and assess and adjust the organization’s direction in response to a changing environment.

Answer 23

strategic planning

Question 24

With the majority of client communications occurring via email and text, and the growing need for a strong online presence, grammar matters more than ever. Print out important documents and read them aloud. That can reveal grammar mistakes along with other crucial writing issues involving tone, word choice, and structure.

Answer 24

language skills