Understanding Business
12th Edition
ISBN: 9781259929434
Author: William Nickels
Publisher: McGraw-Hill Education
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Question
Chapter 5.1, Problem 5.1BQ
Summary Introduction
To determine: The steps needed to take by a sole proprietor for a week’s vacation.
Introduction:
When the business is managed and owned by a person single handedly, it is known as sole proprietorship.
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3
Chapter 5 Solutions
Understanding Business
Ch. 5.1 - Prob. 5.1AQCh. 5.1 - Prob. 5.1BQCh. 5.1 - Prob. 1TPCh. 5.1 - Prob. 2TPCh. 5.2 - Prob. 5.2AQCh. 5.2 - Prob. 1MEDCh. 5.2 - Prob. 3TPCh. 5.2 - Prob. 4TPCh. 5.3 - Prob. 5.3AQCh. 5.3 - Prob. 5TP
Ch. 5.3 - Prob. 6TPCh. 5.3 - Prob. 7TPCh. 5.3 - Prob. 8TPCh. 5.4 - Prob. 5.4AQCh. 5.5 - Prob. 5.5AQCh. 5.5 - Prob. 5.5BQCh. 5.5 - Prob. 5.5CQCh. 5.6 - Prob. 9TPCh. 5.6 - Prob. 10TPCh. 5.6 - Prob. 11TPCh. 5 - Prob. 1CECh. 5 - Prob. 2CECh. 5 - Prob. 3CECh. 5 - Prob. 4CECh. 5 - Prob. 1CTCh. 5 - Prob. 2CTCh. 5 - Prob. 3CTCh. 5 - Prob. 4CTCh. 5 - Prob. 1DCSCh. 5 - Prob. 2DCSCh. 5 - Prob. 3DCSCh. 5 - Prob. 4DCSCh. 5 - Prob. 5DCSCh. 5 - Prob. 1PPTCh. 5 - Prob. 2PPTCh. 5 - Prob. 1VCCh. 5 - Prob. 2VCCh. 5 - Prob. 3VC
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Similar questions
- Pick a business that you know of (can be a small business in your neighborhood or a large corporation that makes a product you bought in the past), do a little research about it, and answer the following: Describe the goods or services the business sells and where it does business. What kind of model is this company using? (remember, a company could use more than one model; use the models described in the introduction above). What type of business is this (sole proprietorship, partnership, or corporation)? How did you find out? Describe how you researched information about this company.arrow_forwardDiscuss the possibility that your startup might become a franchisor in the future. If your business succeeds and begins to grow, would your goods or services be suitable for franchisees? Draft a paragraph or plan a brief (three-minute) presentation explaining why you think your startup might or might not ultimately mature into an attractive franchising operation.arrow_forwardIf a business firm has assets worth $170,000 and liabilities that total $40,000, what is the value of the owners’ equity?arrow_forward
- The needs of the businessperson starting a new business are a major consideration when deciding the best form of business ownership. The kind of business being started is also important to consider when deciding to make your new business a sole proprietorship, partnership, or corporation. Look at the list of new businesses below. , indicate the form of ownership you think would be best for each business and give the reasoning for your selection.arrow_forwardIf you were given the opportunity to modify an existing business model of your choosing, how would you want the business model to operate?arrow_forwardWriting a business plan is your map to how you are going to operate. Regardless of whether you are interested in taking over an existing business or starting a new one; they both have challenges that you will need to overcome in order to succeed. Discuss one of the challenges in starting a new business and how you may be able to address that challenge with a well-designed business plan. Your challenge can be unique to either a start-up or on-going business or both.arrow_forward
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- You’re getting ready to expand yourwoodworking hobby into a full-time business ofbuilding custom kitchen cabinets. To create top-qualitycabinets, you know you’ll need to upgrade from theconsumer-grade machinery you have now toindustrial-grade equipment. The new equipment willbe much more expensive but, if properly cared for,should last for decades, and you hope to be inbusiness for at least 20 years. If the overall costs ofleasing this equipment or borrowing money to buy itare roughly the same, which financing method wouldyou choose? Why?arrow_forwardWhy would someone put up a sole proprietorship? A)All options are correct B)To take control of all the aspects of the business C)To enjoy all profits that can be made from the business D)To make all decisions regarding the businessarrow_forwardAssuming that you are a local investor and would like to open a business in one of the tourist destinations. Do you hire local staff? What sort of training do you have for your staff?arrow_forward
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