1. The amount paid for goodwill should be small enough to be recovered with new profits in a reasonably short time period.

True

False

2. When running a family business, there are four overlapping perspectives on its operations: family, management, ownership, and sales.

True

False

3. All of the following are options for getting started as a business owner except

Inheriting a family business

Starting your own

Buying an existing business

Managing a joint venture

4. A list of liabilities of an existing business would include

Inventory

list of account payables

Account Receivables

Liens of creditors against assets