An advisory board is composed of ________

A) a group of experts who make decisions on behalf of the new business owner
B) a group of individuals who offer guidance to the new business owner
C) a group of professionals who provide expertise in return for a share of the new business's profits
D) a group of individuals who fill in for the management team members when needed
E) a group of interns who assist with administrative duties

B
Explanation: B) An advisory board provides advice and guidance to a business owner. Such boards are similar to boards of directors in publicly held companies except that they do not have the authority to make decisions. An advisory board member may or may not have a financial interest in the company, nor would an advisory board member be expected to fill in for an employee of the firm. Board members are in a position to offer advice because they are experienced in the world of business; they are not interns helping with clerical duties.