Quiz
Intro to Business Unit 3
Questions in this quiz (49)
1What is one advantage of a small business that a corporation or larger business does not have?
- Aamount of capital
- Bamount of employee experience
- Cadapt quickly to the market demand
- Ddecisions have to mull over for a period of time
2It is a group of people that have the responsibility to guide the operations of a corporation.
- AManager
- Bboard of directors
- Ctop five stockholders
- DPresident/CEO
3No legal document needs to be made if a partnership is formed. A verbal agreement will work just fine.
- ATrue
- BFalse
4Consumers usually deal directly with whom?
- Aretailers
- Bwholesalers
- Cdistributors
- Dmanufacturers
5List two of the five main job responsibilities that a manager has to do in order to run a business that will be successful.
- Aplanning, organizing, directing, controlling, evaluating
- Bc
6Iris Gains recently lost her husband to a tragedy. She has no skills as a worker because she stayed at home while her husband worked. Now that she has no money, she has started to look for a job. Iris got a job at Dell computer to make the sure the machinery was putting the keyboards together correctly. Iris's job is what type of business?
- AProducers
- BService
- CProcessors
- DManufacturers
7Which of the following reasons would not be a common reason that a small business would go out of business?
- Aamount of employees that work for the company
- Bnot controlling operating expenses
- Clack of sales and managment experience
- Dnot having enough start-up money
8The vision and mission statements in the business plan state the guiding principles by which a business functions.
- ATrue
- BFalse
9This type of business ownership is the most difficult to start.
- AA. Corporation
- BB. Partnership
- CC. Sole Proprietorship
10This type of business is where the owner is liable for all debts, even losing personal property if business fails.
- AA. Corporation
- BB. Partnership
- CC. Sole Proprietorship
11This type of business ownership is where the owners do not necessary hacve control of the decisions made by that company for that day.
- AA. Corporation
- BPartnership
- CC. Sole Proprietorship
12This type of business ownership that the owner makes all of the decisions and is the boss.
- AA. Corporation
- BB. Partnership
- CC. Sole Proprietorship
13This type of business ownership that if one of the owner's die then the ownership ends.
- AA. Corporation
- BPartnership
- CC. Sole Proprietorship
14Before I open my Quik Trip at Mason and 40, I need to make sure that my product will have the potential to succeed. What should I do before I invest any money into my company?
- Ahave a mission statement
- Bcreate a business plan
- Cmarket research
- Dresearch the potential consumers
15Shopping is more eficient and easy because all communication is though the internet.
- ARetail Business
- BVirtual Business
- CWorld Wide Companies
- DOutlet Store
16The company description section of a business plan helps investors understand what?
- Ascope of the business
- Bthe type of business
- Csize of the business
- Dall of the answers are correct
17The farmers in Hawaii grow lots of sugar cane because it is one of the country' biggest exports. Unfortunately you cannot sell the sugar cane by itself because it looks like a big bamboo stick; it has to go through a machine to actually get it to look like sugar. What is this business called when the product has to go through a machine?
- AService
- BManufacturers
- CProcessors
- DProducers
18The largest percentage of small businesses are found in both retailing and services.
- ATrue
- BFalse
19Pop Fisher works for the new AT&T. It is his job to come up with a new promotion that will entice people to switch carriers. His competition, Sprint wireless, has commercials where everyone laughs afterwords because they are so funny. Pop's boss has told him that he needed to create something that will keep the customers at AT&T and have new people switch their plans to them. What department is Pop working in?
- AAccounting
- BMarketing
- CProcurement
- DManagement
20A business creates this chart to show the relationships in a company. What is this chart called?
- Ajob status chart
- Bemployee chart
- Cline chart
- Dorganizational chart
21A franchise can be operated by which of the following type(s) of ownership.
- Apartnership
- Bcorporation
- Call of the answers are correct
- Dsole proprietorship
22What is a dividend?
- Athe money lost on a share of stock
- Bthe cost of a share of stock
- Cthe money made as a result of owning a share of stock
- Da tax paid by stockholders
23What is the biggest obstacle to start a company?
- Adecisions have to mull over for a period of time
- Bamount of employee experience
- Cadapt quickly to the market demand
- Damount of capital
24Max Mercy recently got a job at a local newspaper and it is his job to pay the company bills, prepare financial reports, maintain, and check the financial records. What department would Max be in?
- AFinance
- BMarketing
- CCPA
- DAccounting
25A business plan is used by whom?
- Athe entrepreuner to keep focus on the goals of the business
- Btop management involved in the start-up of a new business
- Call of the answers are correct
- Dpotential investors to see if they want to invest in the business
26Who is responsible that everything in a store gets done properly?
- Aall employees
- Bcustomers
- Cowner
- Dmanager
27Most businesses start out with what type of ownership?
- Aboth sole proprietorship and partnership
- Bsole proprietorship
- Ccorporation
- Dpartnership
28Which of the following is not a reward of being an entrepreuner?
- Aworking long hours
- Bbeing the boss
- Copportunity to be creative
- Ddoing something that you enjoy
29Bump Bailey and John Oslen could not find a job in baseball, so they took advantage of the only job opportunity they could get. This job paid very well but it was very dangerous. The job that they took was to mine for gold and other precious metals. What type of business did Bump and John get into?
- AManufacturers
- BProcessors
- CProducers
- DService
30The person(s) who is on top of the organizational chart at Christian Brothers College High School in ST. Louis, MO.
- ABoard of Directors and Michael Jordan
- Bc
31There are twenty (20) essential parts of a business plan.
- ATrue
- BFalse
32An owner in a partnership can only lose the money that they invest into the business.
- ATrue
- BFalse
33Which of the following characteristics usually does NOT go along with a small business?
- Aowner is the manager
- Bemploys less than 500 people
- Cnot dominant in its field of operation
- Dhigh profit margin
34A Business that buys product from one Company and sells it to another Company is called what type of business? (Hint: This type of Business does not sell to consumers.)
- AProducer
- BWholesaler
- CRetailer
- DIntermediary
35A vision statement is what?
- Ainclude major goals that the company will try to reach
- Bexplains why the venture business will suceed
- Cexpresses the specific aspirations of the company
- Destablishes the scope and purpose of the company
36When a corporation is started a written permission from the state in which it is located is called what?
- Acertificate of incorporation
- Bcertificate of corporation
- Clegal entity
- Darticle of partnership
37In class we talked about the differences in starting a franchise such as QT or starting a small business such as Hingle's Gas. Some of the advantages were that the headquarters for QT sets a price for all wholesalers (places they get food), gas prices, everyone is familiar with the name, financial backing of the headquarters. Name two disadvantages of owning a franchise, like I would be doing if I started a QT.
- AFollow the corporation rules and guidelines
Have to give them a % of the income - Bc
- AFollow the corporation rules and guidelines
38When Mr. Hingle opens up his QT with a drive-thru in it, he has to run the day to day operations as well as all of the accounting and finance things that go along with it. He decides that he does not know his accounting principles as well as he should so he is afraid of being audited by the government. What should Mr. Hingle do to strength his management team especially in the accounting department?
- Atake accounting classes at the local university
- Bhire more management
- Cdon't worry about it
- Dhire consultants to do the work
39When Mr. Hingle opens up his QT, the main things that he will sell will be gasoline, snacks, and soda. What type of business will Mr. Hingle have?
- AService
- BRetail
- CProducers
- DIntermediaries
40The excutive summary of the business plan should be no more than two pages and should include the most important information from each section of the plan.
- ATrue
- BFalse
41Processed goods include all of the following except which one?
- Acorn on the cob
- Bsteel
- Cgasoline
- Dwhite sugar
42All of the following are recommended traits for a career in entrepreneurship except one, which one is it?
- Aa risk-taker
- Benthusiastic
- Ccost-conscious
- Dgoal oriented
43A written description of a business venture that describes all aspects of the business is called?
- Aan executive summary
- Ba company policy
- Cbusiness plan
- Da company charter
44What movie did we watch in class that showed the board of directors and the stockholders making a decision about a company's future?
- AMr. Deeds
- Bc
45Red Blow plays an important role at his job because he has to notice if financial records have been different than they were predicted and report that to management ASAP. He also has to analyze financial statements to make future decisions. What type of job does Red have?
- AAccounting
- BManagement
- CCPA
- DFinance
46Which of the following things is NOT included in the articles of partnership when a partnership is formed?
- Amain responsibilities
- Bnaming rights
- Ctype of business
- Dprofits and losses
47A business in the partnership form can be divided 50/50 as long as it is family members who make up the partnership.
- ATrue
- BFalse
48An owner in a corporation can lose only the money that they put into the business.
- ATrue
- BFalse
49Owners of a corporation have to buy what from the corporation?
- Astock
- Bc
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- bdimemmo
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- Created on 15 Dec 2015 · updated on 3 May 2016
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