BBI2O Exam Review

What is the difference between a sole proprietorship and a partnership?

• Sole proprietorship has no owner, while a partnership has two or more owners.

• Sole proprietorship has two or more owners, while a partnership has one owner.

• Sole proprietorship and partnership both have one owner.

• Sole proprietorship has one owner, while a partnership has two or more owners.

What is the role of marketing in a business?

• To promote and sell products or services, understand customer needs, and create brand awareness.

• To organize company events and parties

• To cook food and serve customers

• To fix broken equipment in the office

What are the key components of a SWOT analysis?

• Strengths, Weaknesses, Objectives, and Tactics

• Success, Weaknesses, Opportunities, and Threats

• Strengths, Weaknesses, Opportunities, and Threats

• Strengths, Weaknesses, Opportunities, and Trends

Why is it important for businesses to understand their target market?

• To waste time and resources on irrelevant marketing strategies

• To ignore the needs and preferences of their customers

• To tailor products and marketing strategies to meet the specific needs and preferences of their customers.

• To alienate their target market by not understanding their needs

What is the role of marketing in a business?

• To entertain the employees

• To increase the cost of the product

• To communicate the value of the product to the customers.

• To design the company's logo

Which of the following is not a type of business ownership?

• Sole Proprietorship

• Partnership

• Corporation

• Employment

What are the disadvantages of a sole proprietorship as a form of business ownership?

• Unlimited liability, limited access to capital, discontinuity.

• Limited liability, access to capital, continuity.

• Limited liability, limited access to capital, discontinuity.

• Unlimited liability, limited access to capital, continuity.

What happens to the price of a product when there is an increase in demand but supply remains constant?

• The price of the product decreases.

• The price of the product remains the same.

• The price of the product increases.

• The price of the product becomes unpredictable.

What does obsolescence mean in the context of business?

• It refers to the process of a product or service becoming outdated or no longer needed

• It refers to the process of a product or service becoming more popular

• It refers to the process of a product or service becoming more expensive

• It refers to the process of a product or service becoming cheaper

What is the primary difference between for-profit and non-profit businesses?

• For-profit businesses aim to make profits for owners or shareholders, while non-profit businesses aim to serve a public purpose

• For-profit businesses aim to serve a public purpose, while non-profit businesses aim to make profits for owners or shareholders

• For-profit businesses do not aim to make profits, while non-profit businesses do

• There is no difference between for-profit and non-profit businesses