Entrepreneurship and Small Business Test Questions #4

Match each stage of the Business Life Cycle to its corresponding description.

The business is separate from the owner with responsibilities delegated to staff. A business in this stage usually commands a considerable share of the market and may even be a household name.

• Success

• Existence

• Take-off

• Maturity

Match each stage of the Business Life Cycle to its corresponding description.

Company is stable and profitable.

• Success

• Existence

• Take-off

• Maturity

Match each stage of the Business Life Cycle to its corresponding description.

Expansion strategies are implemented, and investment is balanced with potential.

• Success

• Existence

• Take-off

• Survival of the Fittest

Match each stage of the Business Life Cycle to its corresponding description.

Focus shifts to revenue, expenses, and growth. Cashflow is the major issue.

• Success

• Survival of the Fittest

• Existence

• Maturity

Match each stage of the Business Life Cycle to its corresponding description.

The business introduces itself to the market and attempts to catch the attention of potential customers

• Success

• Maturity

• Survival of the Fittest

• Existence

Match each business management role to its corresponding description.

The highest-ranking employee in the company; reports to the board of directors.

• CFO

• COO

• CEO

• CIO

Match each business management role to its corresponding description.

Creates budgets, analysis financial data, and forecast company profits

• CEO

• CFO

• CIO

• COO

Match each business management role to its corresponding description.

Develops policies and structures to protect company data

• CEO

• CIO

• COO

• CFO

Match each business management role to its corresponding description.

Oversees the day-to- day  administrative functions of a business; second in command.

• CEO

• CFO

• COO

• CIO

You need to create a legal structure for your small business. You have plans for it to grow and hope in the future to sell share to the public. Your startup partners are citizens of Mexico and Japan. You do not want to be personally responsible for business liabilities.

Which legal structure should you set up for your business?

• Limited Liability 

• S-Corporation

• C-Corporation

• Sole Proprietorship