Samantha graduated from college and needed to decide where she wanted to work. She had several options. Heraunt Julie owned and operated a small business that she started about twenty years ago. Julie, an individual ownerof her business, informed Samantha that she could work for her. On one hand, Samantha thought it would be a greatopportunity to be able to work for her aunt, learn the business, and then run the business when her aunt retires. Onthe other hand, she also felt that she wanted something a little more challenging; a job where she could really useher education.
Her other option would be to work for a company that a friend and her husband had
started and jointly owned. It was a rapidly growing company with plenty of opportunity for advancement. However,Samantha had some reservations about this choice because she was not sure she wanted to work for friends. Herlast option was to work for a large retail company, headquartered in Maryland, which had stores across the UnitedStates.
After much consideration, Samantha decided she didn’t want an opportunity and a job because someone knew her.She wanted to prove how motivated and hardworking she was. Once she weighed all the advantages anddisadvantages of her different options, she decided to work for the large retail company so that she could gain themost experience for herself.
Question – Refer to Samantha’s Dilemma. Based on the information provided, what type of business does Samantha’saunt operate?
Strategic alliances and are very similar.
Ted’s partnership agreement with two other men was a bit unsound. One of the problems the men were encountering was uneven productivity among thepartners. The agreement required each partner to contribute to every aspect of the business to receive an equal portion of the profits. This agreement didnot reflect the idea that
A.limited partners are required to be active in day-to-day business operations
B.each partner must agree to contracts entered into on behalf of all the others
C.customers and creditors of a limited partnership need not be protected
D.all partners need not be equal; that is, there are different types of partners. Some may be fully active in
running the business, whereas others may have a more limited role.
E.the Uniform Partnership Act requires every general partnership to have at least one limited partner
The major forces in consumerism are
A.consumer education programs
B.all of the above
C.individual consumer advocates
The United States wishes to import no more than 100 million tons of sugar from India in any given year. The type of import restriction it should impose isa(n)
B.foreign exchange control
The World Trade Organization was created by the
E.League of Nations
When Herbert took a new position at Galbrook Manufacturing Company, the firm was near insolvency. One of Herbert’s first acts was to establishspecific goals for sales growth and a strategy for achieving them. He also changed the organizational structure and developed an elaborate controlsystem for keeping the company on track. Herbert is functioning in a(n) position at Galbrook Manufacturing.
When Johnson & Johnson Vision Care, Inc., located in Jacksonville, Florida, sells its ACUVUE contact lenses to people inLondon, England, the company
A.is importing the lenses
B.has an absolute advantage
C.is exporting the lenses
D.is increasing the balance-of-trade deficit
E.is making a big mistake
Which of the following best defines balance of trade?
A.Purchasing products in other countries and bringing them into one’s own country
B.The ability to produce a certain product more efficiently than any other nation
C.The total value of a nation’s exports minus the total value of its imports over some period of time.
D.The ability to specialize in the production of a specific product and trade it for other needed products
E.The total flow of money into the country minus the total flow of money out of the country over some period of time