TN BUSINESS AND LAW EXAM ACTUAL 2025/2026

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TN BUSINESS AND LAW EXAM ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS Success Factors in Your Business - Answer -organized, consistent approach Factors in Business Failure - Answer -poor planning and inadequate management Entrepreneur - Answer -a person engaged in strategic activities that involve initiation and development of a new business Calculated Risk - Answer -something that is well thought through where all outcomes are considered Rewards of Owning Your Own Business - Answer -own boss, flexible time, freedom and independence, personal satisfaction Challenges of Owning Business - Answer -long hours, manage cash flow, payroll, overwhelming responsibility, finding/keeping employees, taxes, government regulations Business Plan - Answer -a document that outlines business strategies and goals Key Functions of a Business Plan - Answer -planning tool, loan or investor document, benchmarking tool Element of a Business Plan - Answer -cover page, executive summary, company summary, products Need assistance on Online classes, Exams & Assignments? Reach out for instant help!! Full Course Assistance, Plagiarism-free Essay Writing, Research Paper, Dissertation, Discussion Posts, etc…. Confidential & Secure services. Tutors are available for all subjects! Email now at: tutorjean01@gmail.com and services, market analysis, market strategy, financial plan What could be a pitfall to a business plan? - Answer -must portray an accurate picture of business What are the different types of business structures? - Answer -sole proprietorship, partnership, c corporation, s corporation, limited liability company Sole Proprietorship - Answer -a business that has one individual as the owner who is responsible for 100% of the decisions made on behalf of the business and owns all of the business assets Advantages of a Sole Proprietorship - Answer -minimal legal restrictions, simple ownership form, low startup cost, sole owner of profits, freedom in decision making Disadvantages to a Sole Proprietorship - Answer -unlimited liability, less available capital, possible difficulty in obtaining long term financing, dissolution of the business in even of owner death Partnership - Answer -a business relationship between two or more persons who join to carry on a trade or business. each person contributes money, property, labor, or skill, and each partner expects to share in the profits and losses of the business. Two types of partnership - Answer -general and limited Advantages of a General Partnership - Answer -ease of formation, direct profit rewards, larger management base than that of a sole proprietorship Disadvantages to a General Partnership - Answer -unlimited liability, potential for disagreements, lack of continuity, difficulty in withdrawing from a partnership C Corporation Need assistance on Online classes, Exams & Assignments? Reach out for instant help!! Full Course Assistance, Plagiarism-free Essay Writing, Research Paper, Dissertation, Discussion Posts, etc…. Confidential & Secure services. Tutors are available for all subjects! Email now at: tutorjean01@gmail.com