Stating That the Failure of a Small Business Was Due

question 37

Multiple Choice

Stating that the failure of a small business was due to "lack of experience" implies:

• A) not having expertise in the essentials of business operations, including finance, purchasing, selling, and production.
• B) not taking the time to craft a vision and mission, nor to formulate and properly implement a strategy.
• C) not keeping track of the numbers, and failure to control business finances and use existing monies to best advantage.
• D) not taking the time to consolidate a position, fine-tune the organization, and systematically meet the challenges of growth.
• E) not having sufficient know-how to run a business in the chosen market or geographical area.

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Definitions:

Charitable Contributions

Contributions given to eligible entities that the donor might deduct from their taxes.

Adjusted Gross Income

The total gross income minus specific deductions, a crucial figure in the determination of a taxpayer’s liabilities and eligibility for various tax credits and deductions.

Carry Forward

A tax provision allowing a taxpayer to use any remaining tax credits or deductions in the following fiscal period.

Cash Contributions

Donations or gifts given in the form of physical money, such as banknotes or coins, to charitable organizations or entities.