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Oral reports are the most prevalent type of control used in small firms and provide
two-way communication.
Communication is the transfer of meaning from one person to another.
Reintroducing an old product is a good business idea since customer tastes run in
cycles.
The U.S. Department of Commerce helps identify the best partners for potential trading
with the United States.
A competitive edge is a particular characteristic that makes a firm more attractive to
customers than are its rivals.
A budget is a summary statement of a firm's current liabilities.
Producers emphasize selling products through intermediaries to the ultimate consumer.
Personal failures are failures ending up in court with some kind of loss to creditors.
Profit planning is simple for new entrepreneurs who have given up well-paying jobs in
order to go out on their own.
The Service Corps of Retired Executives publishes many useful books on planning and
organizing small businesses.
The financial structure of a firm remains unchanged as business activities occur.
More employees leave a firm during the first pay period than at any other time during
their employment.
American small business owners have the misconception that payment for goods sold to
foreign buyers is uncertain.
Job descriptions should be inflexible in very small firms to give the owner more
freedom in assigning work to available employees.
According to the most basic accounting truth, the total liabilities plus owners' equity
always exceeds the total assets of the firm.
