The Business World

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Type the answers to the assignment’s questions. Use complete sentences unless the question says otherwise. You will have more than one day to complete an assignment. At the end of each day, be sure to save your progress.

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Total score: ____ of 24.0 points

(Score for Question 1: ___ of 5.5 points)

Choose a good that you are familiar with, such as a t-shirt, a tennis racket, a cupcake, a pair of sunglasses, or any other good. Be sure to choose something specific. Then, analyze its economic utility, using the questions below.

Describe the good you chose to analyze. (1 sentence. 0.5 points)

Describe the form utility of this good. Is the form utility good or bad? Can you think of ways to improve it? (2-5 sentence. 1.0 points)

Describe the place utility of this good. Is the place utility good or bad? Can you think of ways to improve it? (2-5 sentences. 1.0 points)

Describe the time utility of this good. Is the time utility good or bad? Can you think of ways to improve it? (2-5 sentences. 1.0 points)

Describe the possession utility of this good. Is the possession utility good or bad? Can you think of ways to improve it? (2-5 sentences. 1.0 points)

Describe the information utility of this good. Is the information utility good or bad? Can you think of ways to improve it? (2-5 sentences. 1.0 points)


Type your answer here.

(Score for Question 2: ___ of 3.0 points)

List at least one activity that a company might do during each of the following stages of business:

Identify (0.5 points)
Plan (0.5 points)

Start (0.5 points)

Operate (0.5 points)

Improve (0.5 points)

Exit (0.5 points)


Type your answer here.

(Score for Question 3: ___ of 1.0 points)

Name a part or department of a business that you would be interested in working in. Explain why this part of the company interests you. (2-5 sentences)


Type your answer here.

(Score for Question 4: ___ of 14.5 points)

Choose an example of a type of new company you could start, and then use this company idea to answer the questions below. TIP: You might choose to open a hair salon, a babysitting service, a record store, or many other things.

Describe the type of company you chose. (1-2 sentences. 0.5 points)
If you were starting a new company, describe at least three departments to the company that you would need right away. Why are these departments so important? (1-5 sentences. 1.5 points)

What type of organizational structure would you want to use for this company (by function, by process, by product, and so on)? Explain why you would prefer this structure. (2-4 sentences. 1.0 points)

How important would liability protection be for this type of company? Explain why it would or would not be important. (2-4 sentences. 2.0 points)

Which business structure would make the most sense for this type of company (sole proprietorship, partnership, LLC, C corporation, S corporation, or nonprofit corporation)? Explain why this structure would be good for this type of company. Give at least 3 reasons. (3-6 sentences. 6.0 points)

Describe at least three factors of success that you would want to focus on for this company. (1-3 sentences. 1.5 points)

Describe at least two risks that this type of company might face, and explain how you could deal with those risks. (2-4 sentences. 2.0 points)


Type your answer here.

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