About This Chapter
MEGA Marketing: Business Ownership - Chapter Summary
The lessons in this chapter are designed to help you further develop your knowledge of or learn new facts about business ownership. You will review small business practices, types of corporations and entrepreneurial roles and characteristics. A thorough understanding of this material will prepare you for the MEGA Marketing exam by helping you in:
- Describing the characteristics of an entrepreneur
- Defining sole proprietorship and discussing its advantages and disadvantages
- Identifying the types of partnerships
- Providing details about LLCs
- Listing types of corporations
- Detailing information about franchises
- Explaining cooperatives in business
- Summarizing the importance of small businesses to the American and global economy
- Discussing types of managerial skills that may impact productivity
Instructors guide you through the lessons using easy-to-follow text and examples to make the learning experience fun and engaging. You can take the self-assessment quizzes as many times as needed to ensure your proficiency in these topics before taking the MEGA Marketing exam.
MEGA Marketing: Business Ownership - Chapter Objectives
The MEGA Marketing exam is used to assess your understanding of marketing functions and principles. The Business Ownership chapter provides an overview of entrepreneurship and small business concepts and practices. These types of questions are found in the first domain of the exam, which addresses core marketing functions. This domain represents 36% of the entire exam. The Marketing exam is computer-based and consists of 100 multiple-choice questions.
MEGA exams are used in Missouri to determine the content knowledge and teaching capabilities of educators seeking certification in the field. The Marketing exam is a content assessment exam available to secondary school teachers. A passing score of 220 is needed for this exam.
1. What is an Entrepreneur? - Definition, Characteristics & Examples
Entrepreneurship is an important engine of growth in the economy. In this lesson, you'll learn about what an entrepreneur is and the key characteristics and skills that a successful entrepreneur possesses. Some examples of entrepreneurs will also be given.
2. What is a Sole Proprietorship? - Definition, Advantages, Disadvantages & Examples
Many businesses start out as sole proprietorships. In this lesson, you'll learn what a sole proprietorship is and its advantages and disadvantages. You'll also have a chance to reinforce your knowledge with a short quiz.
3. The Basics of Partnerships: Types & Examples
Partnerships are a common way to organize a business in the United States. In this lesson, you'll learn about different types of business partnerships and their respective advantages and disadvantages. A short quiz follows the lesson.
4. The Basics of LLCs: Limited Liability Companies
The limited liability company is one of the most popular business organizational forms for small and medium-sized businesses. In this lesson, you'll learn about the key characteristics of a limited liability company. A short quiz follows.
5. Corporations: Types, Advantages, Disadvantages & Examples
Corporations are a popular form of business organization for large and small businesses. In this lesson, you'll learn about the advantages and disadvantages of a corporation. You'll also learn about S-corporations and C-corporations.
6. What Is an S Corporation? - Definition, Requirements, Advantages & Examples
This lesson explains what an S corporation is and discusses the advantages of an S corporation. You'll also learn about the requirements of an S corporation and see some examples.
7. Corporate Expansion: Mergers and Acquisitions
Corporations can grow in two different ways: through expansion of their current business or through mergers and acquisitions. In this lesson, you'll learn about mergers and acquisitions. A short quiz follows.
8. Franchises: Opportunities and Challenges
Franchises offer a way for a person to start a proven business. In this lesson, you'll learn about franchises, including their advantages and disadvantages. You'll also learn about diversity and global challenges in franchising.
9. The Role of Cooperatives in Business
A cooperative is a type of business organization used for a variety of economic and social purposes. In this lesson, you'll learn about cooperatives, their characteristics and the role they serve in the economy. A short quiz follows.
10. Small Business in the American Economy
Nearly every business starts 'small.' In this lesson, you'll learn how a small business is defined, some characteristics of a small business, and the importance of them in the economy. You'll also learn why some small businesses fail.
11. Managing a Small Business
Small businesses are an important engine of growth in an economy. In this lesson, you'll learn about some key areas of small business ownership that an owner should master to be successful. A short quiz follows.
12. Small Business in a Global Market
As the world moves closer to a global economy, more small businesses will look to expand into international markets. In this lesson, you'll learn about some of the advantages and disadvantages that small businesses face in a global market.
13. Managerial Skills: How Good Managers Promote Productivity
This lesson will discuss the types of skills a manager needs, including technical, human, and conceptual skills. You'll learn how each of these skill sets impacts a manager's ability to effectively lead his or her employees.
14. How to Become a Successful Entrepreneur
A successful entrepreneur requires a variety of skills and characteristics. Whether you are starting out as a new business owner or are wanting to grow your company, the suggestions in this lesson will help you strengthen your skills.
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Other chapters within the MEGA Marketing: Practice & Study Guide course
- MEGA Marketing: Basic Concepts
- MEGA Marketing: Communication Methods & Functions
- MEGA Marketing: Environments & Strategies
- MEGA Marketing: Ethics & Public Relations
- MEGA Marketing: The Business Cycle
- MEGA Marketing: Market System Economics & Politics
- MEGA Marketing: Economic Growth & Indicators
- MEGA Marketing: Business Plans
- MEGA Marketing: Functions of Management
- MEGA Marketing: Principles of Financial Management
- MEGA Marketing: Business Calculation Basics
- MEGA Marketing: Interpreting Data & Graphs
- MEGA Marketing: Graphing & Evaluating Equations & Functions
- MEGA Marketing: Quadratic Equations & Functions
- MEGA Marketing: Probability & Statistics for Business
- MEGA Marketing: Depreciation & Salvage Values
- MEGA Marketing: Interest & Purchases
- MEGA Marketing: Financial Analysis Calculations
- MEGA Marketing: Product Development & Retailing
- MEGA Marketing: Services Marketing
- MEGA Marketing: The Marketing Mix & Promotional Strategies
- MEGA Marketing: Consumer Protection Laws
- MEGA Marketing: Selling & Pricing Strategy
- MEGA Marketing: Channel Management
- MEGA Marketing: Segmentation & Product Marketing
- MEGA Marketing: Competitive Advantage
- MEGA Marketing: Consumer Decision Making
- MEGA Marketing: International Marketplace
- MEGA Marketing: Research & Data Applications
- MEGA Marketing: Computer Literacy
- MEGA Marketing: Careers in Marketing
- MEGA Marketing Flashcards