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Unformatted text preview: Management 305 Exam 2 Study Guide: Chapters 7, 8, 9, 10 Chapter 7: 1. List 3 ways to establish a strong ethical culture in the new venture. 1) ____________________________________________________________ 2) ____________________________________________________________ 3) ____________________________________________________________ 2. List 3 ways of avoiding legal disputes in the new venture. 1) ___________________________________________________ 2) ___________________________________________________ 3) ___________________________________________________ 4) ___________________________________________________ 3. List 3 of the 4 ways for entrepreneurs to save on legal fees and increase the value of their relationship with their attorney. 1) _____________________________________________________ 2) _____________________________________________________ 3) _____________________________________________________ 4) _____________________________________________________ 4. List the 4 most common forms of business. 1) _____________________________________ 2) _____________________________________ 3) _____________________________________ 4) _____________________________________ 5. Define sole proprietorship and list 2 advantages AND 2 disadvantages of this legal form of business. 1) Sole proprietorship- _______________________________________________________________________ ______________________ _________________________________________ 2) Advantages: • ____________________________________________________________ • ____________________________________________________________ • ____________________________________________________________ • ____________________________________________________________ • ____________________________________________________________ 3) Disadvantages: • ____________________________________________________________ • ____________________________________________________________ • ____________________________________________________________ • ____________________________________________________________ • ____________________________________________________________ 6. Define general partnership and list 2 advantages AND 2 disadvantages of this legal form of business. 1) General Partnerships- _______________________________________________________________________ ___________________ 2) Advantages: • ______________________________________________________________ • ______________________________________________________________...
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