NOCTI - Review #1 Business MGMT Technical skills

A type of business with 2 or more owners; they share their resources (money, knowledge, profits & losses).

• Corporation

• Partnership

• Sole Proprietorship

• S Corp

A type of business entity that is owned and run by ONE person. Owner is fully responsible for profits, losses, and has unlimited liability. (also has pass through taxes)

• Partnership

• C Corp

• S Corp

• Sole Proprietorship

A partnership can be classified as "General" or "Limited"

• True

• False

A type of corporation that is limited to 100 or less shareholders; has limited liability for owners, and pass through taxes.

• LLC

• S Corp

• Partnership

• C Corp

What does LLC stand for?

• Limited Liability Company

• Limited Liability Corporation

• Limited License Company

• None of the above

A procedure for determining what a company is doing good at, areas in need of improvement, opportunities, and evaluate competitors.

• Market analysis

• SWOT analysis

• Competitor Report

• Forecasting

A plan that has procedures and instructions in case of an emergency; it enables a business to respond to accidents, disasters, emergencies, and or threats without stopping its key operations.

• SWOT analysis

• Disaster Recovery Plan

• Safety Plan

• None of the above

What does the "S" stand for in SWOT analysis?

• Success

• Smart

• Strengths

• Strong

What does the "W" stand for in SWOT analysis?

• Weaknesses

• Wealth

• Wise

• Wishful

What does the "O" stand for in SWOT Analysis?

• Organization

• Operations

• Opportunities

• Oasis