1. What are the two types of franchises? What are the advantages and disadvantages to each?

2. There are many successful entrepreneurs, such as Bill Gates, Warren Buffet, and Steve Jobs. What are four traits they have in common? Were these entrepreneurs born with these traits, or did they develop these traits? Support your answer.

3. There are many advantages and disadvantage to each type of business ownership. Select and discuss two advantages and two disadvantages for each type of business ownership.

4. What are the four types of corporations? What makes each corporation different? What are advantages and disadvantages to the most common form of corporation?

5. How is capital budgeting used in an organization? What are the considerations that need to be analyzed when setting up a proposed budget?

6. There are three basic types of financial statements that provide stakeholders a broad picture of an organization's finances. What are these three statements? Describe each of them.

7. What is the objective for business budgeting? What are the four advantages that a good budget provides? Explain.

8. All financial statements are important. Which one out of the three do you feel is the most beneficial? Defend your answer.

Your response should be at least 250 words in length. You are required to use at least your textbook as source material for your response. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations.