Brothers Ronnie and Jacob Are Both in College; Ronnie Is

question 58

Multiple Choice

Brothers Ronnie and Jacob are both in college; Ronnie is a senior and Jacob a sophomore. They’re both majoring in business administration and want to open a small business a few years after graduation. They understand that it’s important to gain more management experience and build good credit ratings. Ronnie wants more security in his work and would be satisfied working with an older partner until he “learns the ropes.” More than Jacob, he’d prefer a business that’s been established for a few years. Although he likes a certain degree of independence, he’s willing to follow directions and take advice. Jacob, on the other hand, wants more freedom to make his own choices and to succeed or fail on his own merits. He’s quite creative and likes to set his own rules.
-Among the disadvantages of business ownership,both brothers would probably balk at the prospect of _____.

• A)time commitment
• B)stress
• C)undesirable duties
• D)financial risk

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Definitions:

Private Enterprise System

An economic system where private individuals or groups have the right to own property and businesses and operate them for profit with minimal government interference.

Federal Taxes

Levies imposed by the government on income, corporate profits, and added to the cost of some goods, services, and transactions.

Not-for-Profit Organizations

Organizations that operate for purposes other than making a profit, focusing on serving the community or advancing social causes.

Crop Production

The process of growing agricultural crops for consumption, commercial, or other purposes.