Which of the following is not a type of partnership?

Limited Liability Limited Partnership

How does a company make a product innovative?

Create the same product as another company

All of the following are advantages of structuring your business as a Sole Proprietorship except?

Complete liability of the company

Autonomy to make business decisions

The mission statement explains to the consumer

The company’s purpose and overall intention

Where the company sees itself in the future

The importance of purchasing their product

Why their company is better than its competitors

All of following define a Retail Business except:

Has higher markups to account for other expenses

Is responsible for marketing the store and their products

What are the two things that get taxed when a corporation is double taxed?

Dividends and Corporate Accounts

Dividends and Shareholders Income

Corporate Accounts and Shareholders Income

All corporations have perpetual existence, which means that it will

Last forever until the shareholders decide to end it

Last as long as all board members agree

End if it is ever declared bankrupt

End if it is ever found to be illegal

The goals of an organization:

Define what you want to achieve

Explain the actions you will take to reach them

Determine how much money your company will make in the future

Are made so that you can ensure you don't make any progress or growth

In order for a contract to be legally binding it must

Be in writing and signed by all parties

Be in writing and signed by at least one of the parties involved

Be verbally agreed upon and signed at a later date

Be in writing and signed by the lawyers that draw up the agreement

How are losses normally allocated?

According to Ownership Percentage

According to the Owners Seniority

A mediation clause is a document that

Dictates that the partners agree to have a mediator preside over their disagreements

Dictates that the partners will go to court over any disagreement

Dictates that the partners will file civil lawsuits over any disagreement

Dictates that the partners will end the business if they start to disagree

All of the following are part of the three step process to ensure you have an appropriate mission statement except:

Ensure that you utilize marketing myopia

Ensure that it cannot be too narrow

Ensure that it is not too broad

Ensure that the mission statement is balanced

In order for a mission statement to be just right it should

Define what the customers are not seeking

When you have partial shield coverage, you are not responsible for:

Contractual Obligations and Negligence

When you have full shield coverage, you are not responsible for:

Contractual Obligations, Negligence, and Wrongful Acts

Final Exam Review

Authored by Kimberly Horton

Business

9th - 12th Grade

Used 12+ times

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36 questions

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MULTIPLE CHOICE QUESTION

30 sec • 3 pts

Which of the following is NOT a type of business structure?

Partnership

Sole proprietorship

Entrepreneurship

Franchise

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which of the following is defined as a business which is owned and operated by one individual?

Partnership

Sole proprietorship

Entrepreneurship

Franchise

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Advertising includes all of the following EXCEPT;

Billboards

Commercials

Magazine Ads

Online Ratings

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

Which of the following is defined as a business in which partners have an unequal share and liability in the business?

Sole partnership

Limited liability partnership

General partnership

Franchise partnership

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

Which of the following is a type of business which operates as a separate legal entity?

Corporation

Franchise

Partnership

Sole partnership

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

Which of the following is a disadvantage of being a general partner?

You share all the risk

Name recognition

Shared advertising expenses

Must follow the limited partner’s rules and expectations

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which of the following is the most common form of business ownership?

Corporation

Franchise

Partnership

Sole proprietorship

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Final Exam Review

Which of the following is NOT a type of business structure?

Which of the following is defined as a business which is owned and operated by one individual?

Advertising includes all of the following EXCEPT;

Which of the following is defined as a business in which partners have an unequal share and liability in the business?

Which of the following is a type of business which operates as a separate legal entity?

Which of the following is a disadvantage of being a general partner?

Which of the following is the most common form of business ownership?

The pursuit of identifying the optimum price for a product is known as?

In which document do you normally allocate profits and losses?

Which type of business is the most complicated form of business?

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