Brothers Ronnie and Jacob Are Both in College; Ronnie Is

question 51

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.
-As Jacob's business advisor,what would you probably advise him to do?

• A)Start a business from scratch.
• B)Buy an existing business.
• C)Buy a franchise.
• D)Go into business with his brother.

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Definitions:

Independent Variables

Factors in a study or statistical model that are altered or classified to ascertain their impact on outcomes or dependent variables.

Data Points

Individual measurements or observations that are collected as part of a dataset.

Total Variation

The overall measure of variability within a dataset, including both the explained and unexplained variance.

Coefficient of Determination

A measure in statistics that shows the proportion of the variance in the dependent variable that is predictable from the independent variable(s).