Study Guide For Chaps 4 6 Test Be familiar with and apply to apply the following terms and concepts Types of business ownership Types of corporations Advantages and disadvantages of each type of business ownership Horizontal and vertical mergers Types of industries Parts of a business plan Assistance organizations to help start a small business Franchising Advantages and disadvantages of franchises Resources available to managers Functional areas of management Functions of management Types of manager and leadership styles Steps in the Decision making process Reasons new businesses fail Governing body of corporations Total quality management Benchmarking