FREE Business Technology Question and Answers
How are a sole proprietorship and a franchise similar?
Explanation:
One individual owns a business in a sole proprietorship, together with any trademarks, service marks, trade names, or service symbols. All of the aforementioned belong to the franchiser in a franchise, with the exception of the individual businesses, which are owned by people who are permitted to sell trademarked goods.
Which type of function is described as processing payroll checks, paying taxes, and collecting money from customers?
Explanation:
The act of recording, classifying, analyzing, and reporting a company's financial transactions is known as accounting. A company's management can better understand the financials of its business with proper accounting. This enables them to carefully plan their future spending in order to increase profit.
How are wants and needs different from one another?
Explanation:
A need is an absolutely necessary requirement, whereas a want is a desire. Being able to meet one's necessities is necessary for survival, but being able to fulfill one's wants is not. The primary distinction between necessities and wants is this.
What distinguishes a corporation from a sole proprietorship?
Explanation:
Sole proprietorships are a loosely defined business structure that don't provide any tax advantages or personal liability protection but give business owners more flexibility and freedom.
Comparatively, corporations are formal, legal company formations that provide investor options, personal liability protection, and tax advantages but are challenging to maintain.
What distinguishes consumers from customers?
Explanation:
A consumer always makes a purchase, even though they might not be the final users. A consumer is always the one who uses a good or service in the end, even if they didn't buy it. When a customer makes a purchase and uses the good or service personally, they are considered a consumer.
Which of the following describes a marketing function for a company?
Explanation:
The marketing function is a position that aids a business in locating potentially successful products for the market they serve and then promoting those products by setting them apart from competing goods. It is a crucial component of any business.
What benefits do franchises have over single proprietorships?
Explanation:
There are a number of benefits that a franchise has over a regular sole proprietorship. Established Business Model A franchise offers the business owner a tried-and-true business model to follow, which can assist her avoid common errors that frequently cause problems for inexperienced business owners.