The First Step an Entrepreneur Should Take When Buying an Existing

question 63

Multiple Choice

The first step an entrepreneur should take when buying an existing business is to ________.

• A)explore financing options
• B)prepare a list of potential candidates
• C)analyze his or her skills, abilities, and interests in an honest self-audit
• D)contact existing business owners in the area and ask if their companies are for sale

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Definitions:

Lodging

Accommodation provided in a temporary living situation, often associated with hotels, motels, and other temporary housing.

Student Loan Interest

Interest paid on a borrowed loan for education, which may be deductible from taxable income under certain conditions.

Income Associated

Revenue that is directly tied to specific activities or sources, such as employment, investments, or business operations.

Deductibility

The quality of an expense being allowed by tax laws to be subtracted from gross income to reduce taxable income.