End of the Year Biz & Marketing Test #1

A business that is owned and managed by one individual who receives all the profits and bears all the losses

• SOLE PROPRIETORSHIP
• PARTNERSHIP
• CORPORATION
• LLC

A business that is owned by stockholders and has rights and responsibilities as if it were a person

• SOLE PROPRIETORSHIP
• LLC
• CORPORATION
• PARTNERSHIP

  A business that is owned and managed by two or more individuals who receive all the profits and bear all the losses.

• PARTNERSHIP
• LLC
• CORPORATION
• SOLE PROPRIETORSHIP

The money a business makes after all the expenses

• SALES
• REVENUE
• COSTS
• PROFIT

A business that uses its surplus revenues however it likes is considered what kind of business

• PROFITABLE BUSINESS
• BANKRUPT BUSINESS
• FOR PROFIT BUSIESS
• NON PROFIT BUSINESS

An organization that uses surplus revenues or donations to achieve its goals rather than distributing them as profit or dividends is what kind of business

• FOR PROFIT BUSINESS
• NON PROFIT BUSINESS
• PROFITABLE BUSINESS
• BANKRUPT BUSINESS

Which of the following is NOT a benefit of a Partnership

• NO POSSIBLE CONFLICTS BETWEEN PARTNERS
• PARTNERS MAY COMBINE MANAGERIAL SKILLS
• EASIER TO RAISE FINANCIAL CAPTIAL
• SHARED RESPONSIBILITY FOR LOSSES

Which of the following is NOT a benefit of a Sole Proprietorship business

• EASE OF STARTING AND GOING OUT OF BUSINESS
• CONTROL OVER PROFITS AND BUSINESS OPERATIONS
• LOWER TAXES
• EASIEST TYPE OF BUSINESS TO RAISE MONEY FOR

Which of the following is NOT a benefit of a corporation

• SPECIALIZED MANAGEMENT
• UNLIMITED LIFE
• GREATER FINANCIAL CAPITAL
• DECREASED TAXATION

Income or money a business or company receives from its normal business activities

• TAXES
• REVENUE
• COSTS
• OVERHEAD