The First Organizing Decision That an Entrepreneur Must Make Is

question 61

Multiple Choice

The first organizing decision that an entrepreneur must make is the ________.

• A) type of organizational culture
• B) form of legal ownership
• C) organization structure
• D) assignment of duties and responsibilities

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Definitions:

Net Income

The total profit of a company after all expenses and taxes have been subtracted from total revenue.

Proportionately Adjusted Balance Sheet

A financial statement showing assets, liabilities, and equity after adjustments have been made to reflect a fair proportionate value based on ownership interests or specific conditions.

Inventory

The raw materials, work-in-process products, and finished goods that a company holds for the purpose of sale in the near future.

Contractual Agreement

A legally binding agreement between two or more parties that outlines the terms and conditions of a particular arrangement or transaction.