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