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Intro to Business Unit 3

Intro to Business Unit 3

Question 1 of 49

1

What is one advantage of a small business that a corporation or larger business does not have?

Select one of the following:

  • amount of capital

  • amount of employee experience

  • adapt quickly to the market demand

  • decisions have to mull over for a period of time

Explanation

Question 2 of 49

1

It is a group of people that have the responsibility to guide the operations of a corporation.

Select one of the following:

  • Manager

  • board of directors

  • top five stockholders

  • President/CEO

Explanation

Question 3 of 49

1

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

Select one of the following:

  • True
  • False

Explanation

Question 4 of 49

1

Consumers usually deal directly with whom?

Select one of the following:

  • retailers

  • wholesalers

  • distributors

  • manufacturers

Explanation

Question 5 of 49

1

List two of the five main job responsibilities that a manager has to do in order to run a business that will be successful.

Select one of the following:

  • planning, organizing, directing, controlling, evaluating

  • c

Explanation

Question 6 of 49

1

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?

Select one of the following:

  • Producers

  • Service

  • Processors

  • Manufacturers

Explanation

Question 7 of 49

1

Which of the following reasons would not be a common reason that a small business would go out of business?

Select one of the following:

  • amount of employees that work for the company

  • not controlling operating expenses

  • lack of sales and managment experience

  • not having enough start-up money

Explanation

Question 8 of 49

1

The vision and mission statements in the business plan state the guiding principles by which a business functions.

Select one of the following:

  • True
  • False

Explanation

Question 9 of 49

1

This type of business ownership is the most difficult to start.

Select one of the following:

  • A. Corporation

  • B. Partnership

  • C. Sole Proprietorship

Explanation

Question 10 of 49

1

This type of business is where the owner is liable for all debts, even losing personal property if business fails.

Select one of the following:

  • A. Corporation

  • B. Partnership

  • C. Sole Proprietorship

Explanation

Question 11 of 49

1

This type of business ownership is where the owners do not necessary hacve control of the decisions made by that company for that day.

Select one of the following:

  • A. Corporation

  • Partnership

  • C. Sole Proprietorship

Explanation

Question 12 of 49

1

This type of business ownership that the owner makes all of the decisions and is the boss.

Select one of the following:

  • A. Corporation

  • B. Partnership

  • C. Sole Proprietorship

Explanation

Question 13 of 49

1

This type of business ownership that if one of the owner's die then the ownership ends.

Select one of the following:

  • A. Corporation

  • Partnership

  • C. Sole Proprietorship

Explanation

Question 14 of 49

1

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?

Select one of the following:

  • have a mission statement

  • create a business plan

  • market research

  • research the potential consumers

Explanation

Question 15 of 49

1

Shopping is more eficient and easy because all communication is though the internet.

Select one of the following:

  • Retail Business

  • Virtual Business

  • World Wide Companies

  • Outlet Store

Explanation

Question 16 of 49

1

The company description section of a business plan helps investors understand what?

Select one of the following:

  • scope of the business

  • the type of business

  • size of the business

  • all of the answers are correct

Explanation

Question 17 of 49

1

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?

Select one of the following:

  • Service

  • Manufacturers

  • Processors

  • Producers

Explanation

Question 18 of 49

1

The largest percentage of small businesses are found in both retailing and services.

Select one of the following:

  • True
  • False

Explanation

Question 19 of 49

1

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?

Select one of the following:

  • Accounting

  • Marketing

  • Procurement

  • Management

Explanation

Question 20 of 49

1

A business creates this chart to show the relationships in a company. What is this chart called?

Select one of the following:

  • job status chart

  • employee chart

  • line chart

  • organizational chart

Explanation

Question 21 of 49

1

A franchise can be operated by which of the following type(s) of ownership.

Select one of the following:

  • partnership

  • corporation

  • all of the answers are correct

  • sole proprietorship

Explanation

Question 22 of 49

1

What is a dividend?

Select one of the following:

  • 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

Explanation

Question 23 of 49

1

What is the biggest obstacle to start a company?

Select one of the following:

  • decisions have to mull over for a period of time

  • amount of employee experience

  • adapt quickly to the market demand

  • amount of capital

Explanation

Question 24 of 49

1

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?

Select one of the following:

  • Finance

  • Marketing

  • CPA

  • Accounting

Explanation

Question 25 of 49

1

A business plan is used by whom?

Select one of the following:

  • 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

Explanation

Question 26 of 49

1

Who is responsible that everything in a store gets done properly?

Select one of the following:

  • all employees

  • customers

  • owner

  • manager

Explanation

Question 27 of 49

1

Most businesses start out with what type of ownership?

Select one of the following:

  • both sole proprietorship and partnership

  • sole proprietorship

  • corporation

  • partnership

Explanation

Question 28 of 49

1

Which of the following is not a reward of being an entrepreuner?

Select one of the following:

  • working long hours

  • being the boss

  • opportunity to be creative

  • doing something that you enjoy

Explanation

Question 29 of 49

1

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?

Select one of the following:

  • Manufacturers

  • Processors

  • Producers

  • Service

Explanation

Question 30 of 49

1

The person(s) who is on top of the organizational chart at Christian Brothers College High School in ST. Louis, MO.

Select one of the following:

  • Board of Directors and Michael Jordan

  • c

Explanation

Question 31 of 49

1

There are twenty (20) essential parts of a business plan.

Select one of the following:

  • True
  • False

Explanation

Question 32 of 49

1

An owner in a partnership can only lose the money that they invest into the business.

Select one of the following:

  • True
  • False

Explanation

Question 33 of 49

1

Which of the following characteristics usually does NOT go along with a small business?

Select one of the following:

  • owner is the manager

  • employs less than 500 people

  • not dominant in its field of operation

  • high profit margin

Explanation

Question 34 of 49

1

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.)

Select one of the following:

  • Producer

  • Wholesaler

  • Retailer

  • Intermediary

Explanation

Question 35 of 49

1

A vision statement is what?

Select one of the following:

  • 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

Explanation

Question 36 of 49

1

When a corporation is started a written permission from the state in which it is located is called what?

Select one of the following:

  • certificate of incorporation

  • certificate of corporation

  • legal entity

  • article of partnership

Explanation

Question 37 of 49

1

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.

Select one of the following:

  • Follow the corporation rules and guidelines
    Have to give them a % of the income

  • c

Explanation

Question 38 of 49

1

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?

Select one of the following:

  • take accounting classes at the local university

  • hire more management

  • don't worry about it

  • hire consultants to do the work

Explanation

Question 39 of 49

1

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?

Select one of the following:

  • Service

  • Retail

  • Producers

  • Intermediaries

Explanation

Question 40 of 49

1

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.

Select one of the following:

  • True
  • False

Explanation

Question 41 of 49

1

Processed goods include all of the following except which one?

Select one of the following:

  • corn on the cob

  • steel

  • gasoline

  • white sugar

Explanation

Question 42 of 49

1

All of the following are recommended traits for a career in entrepreneurship except one, which one is it?

Select one of the following:

  • a risk-taker

  • enthusiastic

  • cost-conscious

  • goal oriented

Explanation

Question 43 of 49

1

A written description of a business venture that describes all aspects of the business is called?

Select one of the following:

  • an executive summary

  • a company policy

  • business plan

  • a company charter

Explanation

Question 44 of 49

1

What movie did we watch in class that showed the board of directors and the stockholders making a decision about a company's future?

Select one of the following:

  • Mr. Deeds

  • c

Explanation

Question 45 of 49

1

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?

Select one of the following:

  • Accounting

  • Management

  • CPA

  • Finance

Explanation

Question 46 of 49

1

Which of the following things is NOT included in the articles of partnership when a partnership is formed?

Select one of the following:

  • main responsibilities

  • naming rights

  • type of business

  • profits and losses

Explanation

Question 47 of 49

1

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

Select one of the following:

  • True
  • False

Explanation

Question 48 of 49

1

An owner in a corporation can lose only the money that they put into the business.

Select one of the following:

  • True
  • False

Explanation

Question 49 of 49

1

Owners of a corporation have to buy what from the corporation?

Select one of the following:

  • stock

  • c

Explanation

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