Understanding Business with Connect Access Card
12th Edition
ISBN: 9781260277142
Author: William Nickels, James McHugh, Susan McHugh
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 5, Problem 5DCS
Summary Introduction
To discuss: Formation of the company W, who belongs to it and the way it operates.
Introduction: When several people pool their resources to work together and have mutual interest and gains and such business is owned and operated by the user of the business, it is known as cooperative.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
1. Describe the type of cooperative and the nature of operations of CASCOFAMCO?2. What is the reason why this cooperative encountered financial distress and losses and discuss how did they recover and grow?3. Discuss what are the inventions made by the government to help the cooperative grow?4. Based on your analysis of this cooperative, what is the most important characteristic of the members that made this cooperative a success and why?
Which one of the following is not an example of a business organization?
Select one:
a. Corporation
b. Partnership
c. Collaboration
d. Sole proprietorship
What skills do you think good mangers should have that are in opposition with the required skills of entrepreneurs?
Chapter 5 Solutions
Understanding Business with Connect Access Card
Ch. 5.1 - Prob. 5.1AQCh. 5.1 - Prob. 5.1BQCh. 5.1 - Prob. 1TPCh. 5.1 - Prob. 2TPCh. 5.2 - Prob. 5.2AQCh. 5.2 - Prob. 1MEDCh. 5.2 - Prob. 3TPCh. 5.2 - Prob. 4TPCh. 5.3 - Prob. 5.3AQCh. 5.3 - Prob. 5TP
Ch. 5.3 - Prob. 6TPCh. 5.3 - Prob. 7TPCh. 5.3 - Prob. 8TPCh. 5.4 - Prob. 5.4AQCh. 5.5 - Prob. 5.5AQCh. 5.5 - Prob. 5.5BQCh. 5.5 - Prob. 5.5CQCh. 5.6 - Prob. 9TPCh. 5.6 - Prob. 10TPCh. 5.6 - Prob. 11TPCh. 5 - Prob. 1CECh. 5 - Prob. 2CECh. 5 - Prob. 3CECh. 5 - Prob. 4CECh. 5 - Prob. 1CTCh. 5 - Prob. 2CTCh. 5 - Prob. 3CTCh. 5 - Prob. 4CTCh. 5 - Prob. 1DCSCh. 5 - Prob. 2DCSCh. 5 - Prob. 3DCSCh. 5 - Prob. 4DCSCh. 5 - Prob. 5DCSCh. 5 - Prob. 1PPTCh. 5 - Prob. 2PPTCh. 5 - Prob. 1VCCh. 5 - Prob. 2VCCh. 5 - Prob. 3VC
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, management and related others by exploring similar questions and additional content below.Similar questions
- A firm’s sound business model can contribute significantly to the ability to sustain business in the long run. Nevertheless, there is never a one-size-fits-all approach as different organizations with relative traits and attributes would probably require different business models that work. In a tabular format (using a table), describe the business model for three different organizations, namely a typical brick-and-mortar fashion retailer, a click-and -mortar high-street fashion retailer like Zara, and a pure-play e-commerce store like Boohoo. You should include all EIGHT (8) components, but you may indicate “Not applicable” in case they are not relevant.arrow_forward3. Which of the following is NOT one of the possible ways to go into business? a) Purchasing an existing business b) Joining an existing business c) Buying out a conglomerate d) Starting a new businessarrow_forward1. A business's _____ defines the present business scope and broadly describes an organization's present capabilities, focus, and activities. a. Budget b. Policy c. operational plan d. mission statement 2. Financial planning involves: a. estimating income and expenses. b. choosing a product to sell. c. selecting the type of business to enter. d. deciding the kind of franchise to buy. 3. Matt plans to open a convenience store. The startup cost is approximately $10,000. Since Matt has only $2,500 with him, he decides to invite two of his friends—Brett and Brian—to join him in this venture. In this scenario, who should be in charge of writing the business plan? a. Only Brett and Brian, since they are contributing 75 percent of the initial investment b. Matt, Brett, and Brian, since it is always a team effort c. Whoever has paid the biggest share of the startup cost d. Matt alone, since it was primarily his business plan 4.…arrow_forward
- 2. Many corporations form cross-functional task teams for major endeavors, such as new product introductions, capital expenditure analysis, mergers and acquisitions, and so on. Why is it important to include a finance person on that task team? Discuss.arrow_forwardAs a group of aspiring entrepreneurs, you must create a business plan for an Agro-Processingbusiness in any Caribbean country (not an existing business/company). Development and Production PlanMaintaining your output level in order to meet your customers' demands is anecessary skill. As a result, the following questions must be addressed: • Do I need anyone to assist in the production (you may want to be a bitmore specific here)?• If special skills are needed, how can they be acquired and retained?• What are the total production costs?In order to estimate the cost of production you would need to do the following:• Identify all the inputs needed to produce and sell.• Calculate the cost of the production of a specific quantity that you canmanage.• Identify production inputs under the following headings:Fixed cost: Costs that will be incurred regardless of the level ofproduction.Variable Costs: Costs that are directly related to the level of production.The more goods produced, the more…arrow_forwardwhat is a business operation planarrow_forward
- Please provide for 2 business enterprises that compete on similar customers or clients or that provides similar products. Compare their corporate mission, vision, goals and objectives or strategies/operations.arrow_forwardCreating the Competitive Advantage for Small BusinessDuring an economic crisis, small businesses are often the first victim. Due to limited resources, small businesses cannot sustain the operation of their business. If they cannot cover the fixed cost, entrepreneurs choose to throw in the towel and give up. However, some entrepreneurs are, though, with the ability to bounce back immediately. The key to their success is their ability to unlock the industry’s competitive landscape. Previously we discussed Porter’s competitive advantage. Experts noticed that those small businesses that immediately recover and even thrive during and after the crisis understand the competitive landscape. These are the businesses that succeeded in pursuing a competitive strategy that falls in terms of providing the low-cost market product, differentiates their product over competitors, or used the focused approach. For instance, Panda food delivery is not a “new” idea. Before the advent of the internet…arrow_forwardSteve Osbourne is considering opening a business, but the major decision faced is how to organize the business. Steveanticipates generating a massive profit during the first year and that the following years should be relatively profitable.Although he has enough to start the business now as a partnership, he believes cash flow may be an issue as thecompany grows. Steve believes that the corporate form of operation will be his best option and have hired you as aconsultant and seek your advice. a) Explain the corporate characteristic termed “no mutual agency”b) Explain the corporate characteristic termed limited liability.arrow_forward
- As a vendor of organic produce and a new entrepreneur, you found out through research, the cafeteria does not currently provide organic produce to its customers. Additionally, you learned the senior manager of the cafeteria is Mr. Hightower, who has a team, primarily assisting with the daily operations and decision-making of the business. Upon learning this information, your next step is to meet with the senior manager as soon as possible to discuss the benefits of organic produce, and how you and your team can provide the best service to Mr. Hightower and his staff in a very cost-effective manner. In regards to this showcase prospecting approaches in qualifying and addressing customer’s need, demonstrate relationship selling behavior and techniques, illustrate the purchase type for this product, discuss the sales presentation types one can use to sell this product,a ddress the types of objections Mr. Hightower and his staff will have and how you will overcome them, demonstrate how one…arrow_forward2. Can we call someone an entrepreneur if they bought an ongoing business from someone else or took over the operations of a family business from their parents? Disscussarrow_forwardGiven is a doctor who is forming her own medical practice. She wants her practice to be flexible , simple to run , and free from required meetings , minutes or resolutions . Her goal is to blend the best characteristics of corporations , partnerships and sole proprietorships . What form of business ownership seems most in-line with Gwen’s goals ? A)C corporation B)cooperative C)joint venture D)limited liability company E)S corporationarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Foundations of Business (MindTap Course List)MarketingISBN:9781337386920Author:William M. Pride, Robert J. Hughes, Jack R. KapoorPublisher:Cengage Learning
Foundations of Business (MindTap Course List)
Marketing
ISBN:9781337386920
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning