Intro to Business Final Review

An organizational chart shows the company’s chain of command, which indicates

• who has been working at the company the longest

• the physical layout of a store or business

• who reports to whom in the company

• the salaries of all company employees

Students who will work for little or no pay in order to gain experience in a particular field are called

• interns

• temporary employees

• apprentices

• freelancers

An amount paid for a job position stated on an annual basis is called?

• bonus

• commission

• wage

• salary

Which of the following is a way to motivate employees?

• treat all employees the same

• empower employees by including them in decision making

• praise employees frequently

• all are ways

Who is the person in a business who is responsible for planning, organizing, staffing, implementing, and controlling the operations of a business?

• chairman of the board

• intern

• manager

• employee

Which of the following is NOT generally thought of as part of the organizing function?

• grouping tasks into departments

• assigning tasks

• allocating resources

• strategic planning

Things you own are referred to as your?

• liabilities

• assets

• equity

• net worth

The buying and selling of products or services over the Internet is known as?

• e-commerce

• digital shopping

• B2B commerce

• virtual economics

Which of the following is NOT an advantage to buying an existing business?

• there are prior records of revenues, expenses, and profits, making financial planning easier

• capital is not required because the business already exists

• the seller may be willing to train the new owner

• financial arrangements can be easier

What is a business owned exclusively by one person called?

• sole proprietorship

• partnership

• limited liability company

• corporation