Mod 1

Question 1

What are the three elements of entrepreneurship?

Answer 1

a. Business owner’s idea
b. The willingness of the business’s owner to take a risk
c. The abilities of the owner and employees to use capital to produce and sell goods or services

Question 2

What is limited life?

Answer 2

business that will cease when the business is sold or when a specific project is completed is said to have a limited life.

Question 3

What is an agent?

Answer 3

a person who has the authority to act for another. Each partner is an agent of the partnership. Thus, a partner has the power to enter into and bind the partnership to any contract within the scope of the business