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Intro to Business Unit 3

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bdimemmo
Quiz by bdimemmo, updated more than 1 year ago
bdimemmo
Created by bdimemmo over 8 years ago
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Question 1

Question
What is one advantage of a small business that a corporation or larger business does not have?
Answer
  • amount of capital
  • amount of employee experience
  • adapt quickly to the market demand
  • decisions have to mull over for a period of time

Question 2

Question
It is a group of people that have the responsibility to guide the operations of a corporation.
Answer
  • Manager
  • board of directors
  • top five stockholders
  • President/CEO

Question 3

Question
No legal document needs to be made if a partnership is formed. A verbal agreement will work just fine.
Answer
  • True
  • False

Question 4

Question
Consumers usually deal directly with whom?
Answer
  • retailers
  • wholesalers
  • distributors
  • manufacturers

Question 5

Question
List two of the five main job responsibilities that a manager has to do in order to run a business that will be successful.
Answer
  • planning, organizing, directing, controlling, evaluating
  • c

Question 6

Question
Iris 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?
Answer
  • Producers
  • Service
  • Processors
  • Manufacturers

Question 7

Question
Which of the following reasons would not be a common reason that a small business would go out of business?
Answer
  • amount of employees that work for the company
  • not controlling operating expenses
  • lack of sales and managment experience
  • not having enough start-up money

Question 8

Question
The vision and mission statements in the business plan state the guiding principles by which a business functions.
Answer
  • True
  • False

Question 9

Question
This type of business ownership is the most difficult to start.
Answer
  • A. Corporation
  • B. Partnership
  • C. Sole Proprietorship

Question 10

Question
This type of business is where the owner is liable for all debts, even losing personal property if business fails.
Answer
  • A. Corporation
  • B. Partnership
  • C. Sole Proprietorship

Question 11

Question
This type of business ownership is where the owners do not necessary hacve control of the decisions made by that company for that day.
Answer
  • A. Corporation
  • Partnership
  • C. Sole Proprietorship

Question 12

Question
This type of business ownership that the owner makes all of the decisions and is the boss.
Answer
  • A. Corporation
  • B. Partnership
  • C. Sole Proprietorship

Question 13

Question
This type of business ownership that if one of the owner's die then the ownership ends.
Answer
  • A. Corporation
  • Partnership
  • C. Sole Proprietorship

Question 14

Question
Before 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?
Answer
  • have a mission statement
  • create a business plan
  • market research
  • research the potential consumers

Question 15

Question
Shopping is more eficient and easy because all communication is though the internet.
Answer
  • Retail Business
  • Virtual Business
  • World Wide Companies
  • Outlet Store

Question 16

Question
The company description section of a business plan helps investors understand what?
Answer
  • scope of the business
  • the type of business
  • size of the business
  • all of the answers are correct

Question 17

Question
The 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?
Answer
  • Service
  • Manufacturers
  • Processors
  • Producers

Question 18

Question
The largest percentage of small businesses are found in both retailing and services.
Answer
  • True
  • False

Question 19

Question
Pop 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?
Answer
  • Accounting
  • Marketing
  • Procurement
  • Management

Question 20

Question
A business creates this chart to show the relationships in a company. What is this chart called?
Answer
  • job status chart
  • employee chart
  • line chart
  • organizational chart

Question 21

Question
A franchise can be operated by which of the following type(s) of ownership.
Answer
  • partnership
  • corporation
  • all of the answers are correct
  • sole proprietorship

Question 22

Question
What is a dividend?
Answer
  • the money lost on a share of stock
  • the cost of a share of stock
  • the money made as a result of owning a share of stock
  • a tax paid by stockholders

Question 23

Question
What is the biggest obstacle to start a company?
Answer
  • decisions have to mull over for a period of time
  • amount of employee experience
  • adapt quickly to the market demand
  • amount of capital

Question 24

Question
Max 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?
Answer
  • Finance
  • Marketing
  • CPA
  • Accounting

Question 25

Question
A business plan is used by whom?
Answer
  • the entrepreuner to keep focus on the goals of the business
  • top management involved in the start-up of a new business
  • all of the answers are correct
  • potential investors to see if they want to invest in the business

Question 26

Question
Who is responsible that everything in a store gets done properly?
Answer
  • all employees
  • customers
  • owner
  • manager

Question 27

Question
Most businesses start out with what type of ownership?
Answer
  • both sole proprietorship and partnership
  • sole proprietorship
  • corporation
  • partnership

Question 28

Question
Which of the following is not a reward of being an entrepreuner?
Answer
  • working long hours
  • being the boss
  • opportunity to be creative
  • doing something that you enjoy

Question 29

Question
Bump 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?
Answer
  • Manufacturers
  • Processors
  • Producers
  • Service

Question 30

Question
The person(s) who is on top of the organizational chart at Christian Brothers College High School in ST. Louis, MO.
Answer
  • Board of Directors and Michael Jordan
  • c

Question 31

Question
There are twenty (20) essential parts of a business plan.
Answer
  • True
  • False

Question 32

Question
An owner in a partnership can only lose the money that they invest into the business.
Answer
  • True
  • False

Question 33

Question
Which of the following characteristics usually does NOT go along with a small business?
Answer
  • owner is the manager
  • employs less than 500 people
  • not dominant in its field of operation
  • high profit margin

Question 34

Question
A 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.)
Answer
  • Producer
  • Wholesaler
  • Retailer
  • Intermediary

Question 35

Question
A vision statement is what?
Answer
  • include major goals that the company will try to reach
  • explains why the venture business will suceed
  • expresses the specific aspirations of the company
  • establishes the scope and purpose of the company

Question 36

Question
When a corporation is started a written permission from the state in which it is located is called what?
Answer
  • certificate of incorporation
  • certificate of corporation
  • legal entity
  • article of partnership

Question 37

Question
In 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.
Answer
  • Follow the corporation rules and guidelines Have to give them a % of the income
  • c

Question 38

Question
When 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?
Answer
  • take accounting classes at the local university
  • hire more management
  • don't worry about it
  • hire consultants to do the work

Question 39

Question
When 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?
Answer
  • Service
  • Retail
  • Producers
  • Intermediaries

Question 40

Question
The 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.
Answer
  • True
  • False

Question 41

Question
Processed goods include all of the following except which one?
Answer
  • corn on the cob
  • steel
  • gasoline
  • white sugar

Question 42

Question
All of the following are recommended traits for a career in entrepreneurship except one, which one is it?
Answer
  • a risk-taker
  • enthusiastic
  • cost-conscious
  • goal oriented

Question 43

Question
A written description of a business venture that describes all aspects of the business is called?
Answer
  • an executive summary
  • a company policy
  • business plan
  • a company charter

Question 44

Question
What movie did we watch in class that showed the board of directors and the stockholders making a decision about a company's future?
Answer
  • Mr. Deeds
  • c

Question 45

Question
Red 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?
Answer
  • Accounting
  • Management
  • CPA
  • Finance

Question 46

Question
Which of the following things is NOT included in the articles of partnership when a partnership is formed?
Answer
  • main responsibilities
  • naming rights
  • type of business
  • profits and losses

Question 47

Question
A business in the partnership form can be divided 50/50 as long as it is family members who make up the partnership.
Answer
  • True
  • False

Question 48

Question
An owner in a corporation can lose only the money that they put into the business.
Answer
  • True
  • False

Question 49

Question
Owners of a corporation have to buy what from the corporation?
Answer
  • stock
  • c
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