What is a general partnership?

A partnership where all partners share equal responsibility

A partnership with limited liability

A partnership with silent partners

A partnership with no legal recognition

Which is a con of a partnership?

Easy withdrawal from partnership

Which business types does an LLC combine characteristics of?

Corporation, partnership, or sole proprietorship

Sole proprietorship and partnership

Sole proprietorship and corporation

Which is a pro of an LLC?

Owners are not personally responsible for debts

Which is a con of an LLC?

Members must pay self-employment tax

What is a C corporation?

A corporation with limited liability and corporate tax

A corporation with limited liability and personal tax

A corporation with unlimited liability and personal tax

A corporation with unlimited liability and corporate tax

What are the four types of business industries?

Service, Merchandising, Extracting, Manufacturing

Service, Manufacturing, Agriculture, Retail

Retail, Manufacturing, Service, Technology

Extracting, Retail, Service, Agriculture

Which of the following best defines assets?

Anything of value that an individual or business owns

Debts or obligations a business owes

The ownership interest in a company

What does equity represent in a business?

The ownership interest after deducting liabilities from assets

The movement of money into and out of a business

Costs incurred by a business in generating revenue

A financial plan outlining expected revenues and expenses

How is Return on Investment (ROI) calculated?

As the ratio of net gain to initial investment

By subtracting liabilities from assets

What is the primary purpose of risk management?

To identify, assess, and mitigate potential risks

To generate revenue for a business

To outline expected revenues and expenses

To measure profitability of an investment

Which of the following best describes depreciation?

The decrease in the value of an asset over time

The ability to meet short-term obligations

Spreading the cost of an intangible asset

The return on investment for lending money

What is the main goal of financial planning in a business?

To achieve the business's financial goals

To decrease the value of assets

To measure profitability of investments

To obtain goods or services before payment

What is a capital expenditure?

Spending for acquiring or upgrading physical assets

Spreading the cost of an intangible asset

An income generated by primary operations

What does liquidity measure in a company?

The ability to meet short-term obligations with current assets

The decrease in the value of investments

The ownership interest in a company

What does the term "cash flow" refer to?

The movement of money into and out of a business

The positive difference between revenue and expenses

A financial plan for expected revenues and expenses

What is the primary function of a budget?

To outline expected revenues and expenses over a specific period

To measure the profitability of an investment

To identify potential business risks

To summarize financial activities

Which of the following best describes a dividend?

A payment made by a corporation to its shareholders

A method of spreading investment risks

A decrease in the value of an asset

The ability to meet short-term financial obligations

How can interest rates affect a business?

By determining the cost of borrowing money

By increasing the value of assets

By spreading the cost of an intangible asset

By reducing risks through diversification

What does credit allow a customer to do?

Obtain goods or services before payment

Measure the profitability of investments

Spread the cost of an asset over time

Identify potential risks in business

What is amortization used for?

To spread the cost of an intangible asset over its useful life

To spread the cost of a tangible asset over its useful life

To reduce investment risks through diversification

To summarize financial activities

What does the "Product" element of the marketing mix focus on?

Features and benefits of the product

What does "SWOT" stand for in SWOT analysis?

Strengths, Weaknesses, Opportunities, Threats

Strategy, Will, Options, Tactics

Style, Work, Organization, Technology

Services, Worth, Objectives, Target

ENT Final

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61 Qs

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OPEN ENDED QUESTION

Double taxation

Owner may lack funds

Complex to establish

Limited workforce

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Your Name

What is a sole proprietorship?

How many people own a sole proprietorship?

What percentage of businesses are sole proprietorships?

Who receives the profits from a sole proprietorship?

Which is a pro of a sole proprietorship?

Which is a con of a sole proprietorship?

How many people are involved in a partnership?

What is a general partnership?

Which is a pro of a partnership?

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