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Competency 3 – Reflection

Competency 3 – Reflection

Reflection

This reflection is comprised of two sections, collectively totaling a minimum of 500 words. Complete your reflection by responding to all prompts.

Types of Business Forms

Choosing the form of business to create is one of the most important decisions an enterprise makes. The extent of liability and control the owner will have depends on the form of the business.

Differentiate among the major forms of business organization and describe what you consider to be the top 2 advantages and disadvantages of each form. Address the regulatory and financial statement differences of each form of business.

Federal Trade Commission

Consumer laws were established to protect purchasers of goods and services. What purpose does the Federal Trade Commission serve and why must business owners be educated on Federal Trade Commission practices?

Consider one of the following sections of the Federal Trade Commission Act:

  • Deceptive Advertising
  • Labeling and Packaging Laws
  • Sales

Regarding the section you chose, provide an example of when a deceptive practice has been used in business and the consequence(s) for the deceptive practice.

Submit your reflection.


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